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The number of CEX tokens listed has exceeded the total in 2023; DEX has launched more than 1 million MEME tokens

The number of CEX tokens listed has exceeded the total in 2023; DEX has launched more than 1 million MEME tokens

BlockBeats2024/07/19 08:13
By:BlockBeats
Original title: "The number of crypto tokens listed on major exchanges has exceeded the total in 2023"
Original author: Fang Jiayao, Wall Street News


In the first half of this year, the number of new cryptocurrency tokens listed on major digital asset exchanges increased, showing a warming trend in the cryptocurrency market.


According to analysis by cryptocurrency market data provider CCData, exchanges with high trading volumes such as Binance and Bybit have seen a cumulative increase of 11.6% in the number of new token listings, reaching 2,066. Exchanges with low trading volumes such as CoinJar and BTC Markets have seen nearly 32% more new token listings, with 488.


These data come from centralized exchanges such as Binance and Coinbase Global Inc. that help users keep their assets, and do not include decentralized exchanges such as Uniswap. More than one million coins such as memecoins have been issued on decentralized exchanges this year.


There are three main reasons for the increase in new tokens listed on centralized exchanges. First, the price of cryptocurrencies has risen this year, with market leader Bitcoin rising more than 50%, driving a wave of new tokens listed on centralized exchanges. Second, U.S. regulators have approved exchange-traded funds (ETFs) for Bitcoin and Ethereum. Third, the market expects that if Trump is elected president in November, he may be more friendly to cryptocurrencies, which has strengthened people's expectations of regulatory relaxation.


"I am optimistic about the shift in political and regulatory stance on cryptocurrencies and believe that this will bring positive changes. I hope that as regulatory transparency increases, tokens with real value and strong fundamentals will stand out, while those without real value like memecoins will gradually be eliminated."


According to data from research firm Kaiko, although the number of new tokens listed on centralized exchanges has increased significantly this year, it may still be lower than the level in 2021.


2021 was a peak year for the cryptocurrency market, with a very high number of new token listings. The market was extremely active that year, with many new projects and tokens listed. In 2022, the cryptocurrency market experienced a series of scandals and bankruptcies, such as the collapse of the FTX exchange. This led to a serious setback in market confidence, and the number of new token listings fell by more than 50%. Many projects were forced to shelve due to market instability.


The situation continued to deteriorate in 2023, with the number of listings decreasing by another 20% from 2022. The market is still digesting the negative impact of the previous year, and investors and project owners are more cautious. This year, despite the market recovery and the increase in the number of new token listings, the growth rate has not reached the level of 2021.


The strategies of different exchanges vary. CCData found that among exchanges with high trading volume, Bybit has increased the number of new token listings by 83% since the beginning of 2023. Coinbase is the most conservative, with the number of new token listings increasing by only 8.2% during the same period.


Dessislava Aubert, senior analyst at Kaiko, said:


"This year, the situation is more complicated. Binance is not as active as before in listing new tokens, but the number of new tokens on other platforms is increasing. Since the market rebounded, the overall number of listings has increased, but the growth rate is not as fast as before."


New tokens can usually increase the activity of spot trading. According to CCData, the trading volume of the Bybit exchange increased by 33% in June compared with December. By actively listing new tokens, Bybit has made more options available for trading on the platform, thereby attracting more traders and investment activities.


In contrast, Binance, the world's largest cryptocurrency exchange, saw a slight decrease in trading volume during the same period. The reason is that in November last year, Binance reached a settlement with the US Department of Justice and several other agencies and paid a fine of US$4.3 billion. After the settlement, Binance tightened its listing requirements for new tokens, making it more difficult for projects and market makers to work with it.


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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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