Despite the ongoing regulatory pressure on the cryptocurrency industry, the market has added nearly 1,000 new digital assets in the first quarter of 2023. As of March 29, the number of cryptocurrencies tracked by the largest digital asset market data website stood at 23,095, indicating that 938 new digital assets were added to the global crypto market this year to date.
The crypto market cap has also rallied, growing by nearly $390 billion or 50% since the beginning of the year to stand at $1.19 trillion. Bitcoin (BTC) alone has added $30 billion to its market cap in a day. This reflects the industry’s resilience despite the recent trials and tribulations caused by regulatory actions, including the lawsuit against Binance, the world’s largest crypto exchange.
While Binance CEO Changpeng Zhao called the lawsuit from the United States Commodity Futures Trading Commission (CFTC) “unexpected and disappointing,” law firm Cooper & Kirk has urged Congress to hold regulatory agencies accountable. Charles Hoskinson, the founder of Cardano (ADA), shared the letter, highlighting the crypto community’s response to the regulatory pressure.
The historical data shows that the crypto market had 22,157 digital assets as of January 1, 2023, when its global market cap stood at a mere $795.56 billion. Notably, the number of assets on the crypto market surpassed the 21,000 mark for the first time in history in September 2022, followed by breaking the 22,000 level on December 11. This was amid a bear market that had seen the sector’s market cap decline from $2.2 trillion on January 1, 2022, to $795.56 billion on January 1, 2023, or 63.83%.
The fact that the crypto sector has been adding around 10 new cryptocurrencies per day in 2023 despite the regulatory pressure is a testament to the industry’s growth potential. With the crypto market cap rallying and the number of digital assets increasing, it remains to be seen how regulators will respond to this trend in the coming months.
