December 3, 2022

About 5,000 New Cryptocurrencies Launched in 2022

Cryptocurrencies

Cryptocurrencies

Despite the ongoing crypto crisis, a new study found that 2022 witnessed the launch of about 5,000 new cryptocurrencies.

Data gathered by Bitstacker.com revealed that 4,921 new cryptocurrencies were introduced this year till the time of writing. The data was based on the total number of crypto coins tracked by CoinMarket.com on the first day of each month.

According to CoinMarketCap.com’s data, there were 16,238 cryptocurrencies on January 1, 2022. Whereas, there were 21,159 cryptocurrencies on November 1 this year. Despite the increasing numbers, the month-on-month percentage change is declining, registering 1.67% between September and November, while it was 6.25% between January and February.

Launched 13 years ago in January 2009, Bitcoin took just a few years for Bitcoin to provide proof that it could work as a viable alternative digital payment system.

“Much of this has been attributed to the fact that open-source software is used to create the code underlying each cryptocurrency and Blockchain project,” according to the report.

Another study by Bitstacker found that the crypto winter caused a drop of 70% in Bitcoin millionaires, as about 72,000 Bitcoin millionaires became no longer millionaires after holding less than $1 million worth of Bitcoin.

Using the WayBackMachine web archive tool, Bitstacker revealed that the study noticed a decline of over 73.19% in Bitcoin millionaires in November 2022 compared to January 2022. In January 2022, there were 99,092 Bitcoin millionaires which dropped to 26,564 in November this year.

This indicates a fall of over 72,528 Bitcoin addresses holding more than $1 million in Bitcoin. However, the study showed that there are 3,577 accounts that held over $10 million in Bitcoin at the time of conducting the research. While there are more than 34 million addresses that had at least $1 in Bitcoin.

One of the interesting facts that the study revealed is that the richest Bitcoin address has a wallet that includes a balance of 252,597 Bitcoin equivalent to more than $4 billion (1.31% of all coins).

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