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The crypto market may have been painted red and in decline over the past few weeks, but that doesn’t mean cryptocurrencies have stopped growing, at least in terms of numbers.

In fact, even with the performance of Bitcoin favorite severely affecting most if not all of its other digital assets, the now known crypto count has grown by more than 5% in just three months.

As of June 20, the number of cryptocurrencies stood at 19,938. However, new data shows that as of September 20, the asset class has passed the 21,000 mark, totaling 21,022.

With the notorious volatility of the space, it seems fair to wonder why such a remarkable expansion in terms of numbers has taken place.

One possible explanation is that developers, hoping to make a profit, keep releasing a slew of new coins.

Is this development helpful to the crypto market?

About quantity and price

They say there is strength in numbers, but that might not be true with cryptocurrencies.

As of this writing, data from CoinGecko indicates that the global cryptocurrency market capitalization today is $969 billion. At first sight, this sum seems impressive. The only problem is that before it was bigger.

In the past 24 hours, the digital asset market has lost 2% of its value and while that number seems small, it would mean a lot when it comes to billions of dollars.

In addition, it is also important to note that if we consider the overall market capitalization of digital assets, a year ago there is a stark drop of 48.02%.

Digital assets may have reached another milestone, but what good is an increase in numbers if the whole space goes down in value?

The new crypto on the block

In the past 24 hours, 21 new coins have been released, the latest of which is Rug Radio (RUG), added an hour ago at press time, according to CoinGecko.

Some of the recently released cryptocurrencies were JoJos Adventure (JOJO), Stylike Governance (STYL), Safe Universe (SFU), HorseDrace (HORSEDRACE), and Collie Inu (COLLIE), among many others.

Of these, the one with the highest price is JOJO, which is trading at $341.90. Meanwhile, the usual leaders Bitcoin and Ethereum continue to face their respective price drops, trading at $18,998 and $1,340, respectively.

BTC total market cap at $363 billion on the daily chart | Source: TradingView.com

Featured image FXVNPRo, Chart: TradingView.com



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