New cryptos keep popping up even in the bear market - this can become a problem.

As you all may know already. There exists currently thousands of crypto projects in this space, it is too easy to create one coin, a website and list it in a crypto tracker website like CoinMarketCap or CoinGecko.

At the moment of writing, there are a total of 22,807 coins listed on CoinMarketCap. Three months ago, there were 22,080 cryptocurrencies and in the beginning of 2022, there were 16,372, this is an increase of nearly 40% in just a bit more than one year. Even during this winter.

These numbers are incredibly high, there's no way to keep up-to-date about which projects are good out of the new ones. However, we all know that most of them are dead projects. According to Statista, discounting this dead projects, there are nearly 9000 active cryptocurrencies at the moment listed on CoinMarketCap.

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Number of cryptocurrencies from 2013 to February 2023 - Source: Statista

So even in this bear market, new projects are emerging. Actually, according to this article from CoinGecko, almost 950 cryptocurrencies listed each year end up failing (on average from 2018 to 2022).

So I cannot imagine how many projects will come up on the next bull run. Creating a coin is becoming easier. So now, more than ever, please guys DYOR. We might need to cleanse this industry.

Do you think this is a big problem? Is this slowing down adoption?

TL;DR. While the bear market may have slowed down some aspects of the crypto space, it hasn't prevented new projects from popping up. Remember to DYOR.