A recent study found that despite the decline and volatility in the cryptocurrency market, developers are not relenting in creating new coins.
The majority of crypto assets have not been in much better shape since December 2021, and the situation is awful right now. Even the most valuable crypto asset, Bitcoin, has fallen by over 71% from its peak.
The price of Bitcoin had decreased by about 8.14% during the previous weeks to $19,148.
In the past three months, 1,084 new coins have been released by the teams of crypto projects, according to data on the Coinmarketcap website.
The overall number of crypto assets increased by 5.44% between 20 July and 20 September, according to this figure.
It’s interesting to note that 18 cryptocurrency exchanges have gone down throughout the same period, indicating that they were unable to survive in the market’s extreme volatility.
Recall that stablecoin UST and Luna, both of which are Terra’s native tokens we’re among the top 5 assets in the market, however, the Terra blockchain ecosystem suffered a serious collapse in May of this year due to a high level of volatility.
Numerous cryptocurrency companies were directly and indirectly on the Terra project as a result of the higher ranking of Terra’s native tokens.
For all those connected crypto businesses the continued collapse of Terra’s ecosystem posed a very high barrier to survival.
People lost faith in Terra, which had a detrimental effect on numerous stablecoins.
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