New cryptocurrencies continue to appear. Last month, January 2022, more than 32 digital currencies were created on the market daily. Is it good or bad?
The number of cryptocurrencies increased by 1,000 last month, according to Coinmarketcap. It means that more than 32 new crypto projects appeared on the crypto market each day. As a result, the total number of cryptocurrencies at the end of January this year exceeded 17,200.
Last year, the number of cryptocurrencies almost doubled. As of January 1, 2021, the number of digital currencies was 8,100. On December 31, the figure reached 16,200. (an increase of 99% in just one year). During 2021, 21 new cryptocurrencies appeared on the market every day.
New cryptocurrencies, but what about Bitcoin?
Last week, $1.5 billion worth of Bitcoin was withdrawn from crypto exchanges. It can be called a record weekly outflow of cryptocurrency from trading floors since mid-September 2021. However, analysts at Santiment believe that this is good in terms of long-term price movements.
“The ongoing trend of moving coins to cold wallets is historically good for long-term price movements,” the analysts said.
At the end of January, Santiment analysts reported that traders started switching from selling crypto assets amid negative sentiment (FUD-mode) to buying them due to the market decline and the fear of missing out (FOMO) in just one day.
Earlier, Morgan Creek Digital co-founder Anthony Pompliano said that Bitcoin would only be able to start recovery in case of big purchases from prominent investors. Also, trader Nicholas Merten predicted the same thing: if large investors start buying Bitcoin again, its price could exceed $200,000 by the end of this year.
However, no one can be 100% sure of anything when dealing with crypto. Opinions and forecasts of analysts and experts are significant, but doing your own research and always staying current on news, discussions, and trends is a must.
On February 7, Bitcoin was trading at about $43,500 on the LATOKEN crypto exchange, and its capitalization was $811 billion, according to CoinGecko. In January, the first and leading cryptocurrency fell by 20%, and its price dropped to $32,900 for the first time since July 2021.
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LATOKEN crypto exchange does not provide any investment, tax, legal, or accounting advice. This article is written for informational purposes only. Like other assets, cryptocurrency is subject to market risk. Please do your own research and trade with caution.
