The great cryptocurrency bear market of 2018 might have been discouraging to speculative investor interest in this emerging asset class, however from the look of things it did not have much effect on the number of new altcoins being introduced to the market.
To start with, cryptocurrency resource site CoinMarketCap made a new breakthrough on Friday, as its market cap rankings now have over 2,000 active coins and tokens, an increase of over 600 since the start of the year.
A relevant increase on this nature comes from the growing adoption of tokens, cryptocurrencies which operate on another coin’s blockchain and are secured by its network. Even project sooner or later introduce their own blockchains usually begin as initial coin offering (ICO) tokens on Ethereum, Stellar or another network.
During the time of writing, CoinMarketCap has 2,008 cryptocurrencies listed on its market cap index. The site does not disclose how many cryptocurrencies it delists, but from its website, indexed projects must be listed on a public cryptocurrency exchange with an operational API and have non-zero trading volume.
With a growing number of cryptocurrency projects actively making moves into the ring on a daily basis, it’s even more interesting that bitcoin represents a large share of the overall market.