Despite the bearish sentiment in the crypto market, huge numbers of cryptocurrencies entered the crypto industry with their unique concept as a shitcoin only.
The Crypto industry completed more than 13 years of age but still at this age it is in the initial phase because many real-level concept use cases are far, which can be introduced with the use of crypto & blockchain, and this is acting as a main reason for the new crypto projects.
On 15 August, a crypto news website Finbold reported its analysis of the new crypto assets entry into the crypto Industry. Crypto media reported that a net of 709 new coins entered in the last 3 months of the time frame.
The research noted that, on 15 June there were a total of 19,866 crypto assets and now on 15 August there are a total of 20,575 crypto assets in the crypto industry, according to the data available at the Cointracking website Coinmarketcap.
Last 3 month’s hurdles
This finding is a very shocking thing for the crypto industry because the last three months of the crypto industry were full of ups & downs, where Bitcoin touched a price below $20k, which was the strongest buy wall of Bitcoin.
Usually, most crypto projects scheduled their launching time to a better situation to avoid the negative impact of bearish sentiment but strangely the increment of the numbers of new crypto assets over the last three months were very terrible for the crypto industry because the situation was not good for every new & old player. This analysis is showing that competition is rapidly increasing among the new crypto projects.
At present, the Bitcoin fears index is 45, which means very less fear among Bitcoin investors.
At the time of writing this article, the price of Bitcoin is $24,137 and this price is down by 1.5% over the last 24 hours.