- Nomics report suggested that over 12,000 have not been traded this year.
- Experts believe even good projects are struggling to sustain the bear market.
- Of the top ten cryptos, XRP alone gained over 8% in the last seven days.
The figure most frequently used to describe this year’s crypto downturn is $2 trillion, which is the market value of all digital assets lost during the downturn. However, the number 12,100 accurately depicts the size of tokens that have effectively stopped trading this year.
In collaboration with Bloomberg, the market tracker, Nomics made publicly available the above data last week. The report noted that the 12,100 coins are neither technically dead nor alive but have attracted no trading activities since the last year. Additionally, the figure represents more than twice the cumulative value of all previous years put together.
Jacob Joseph, a research analyst at researcher CryptoCompare, said in an interview:
During the bull market of 2021, there was plenty of money, attention, and liquidity for new and existing projects. However, even good projects with utility will struggle to sustain their operations in the ongoing bear market as they lose access to capital and funding.
According to data from CoinMarketCap, the number of cryptocurrencies actively trading on the global crypto market is 21,247. Even among coins that are actively used, only a few of the ones Nomics monitored showed trading volume that week in a recent 24-hour period.
The global crypto market cap is currently below the one trillion dollar price point. Bitcoin, the father of cryptocurrencies, fell below the $20k price point this week, currently trading at $19,502. Of the top ten cryptocurrencies by market cap, Ripple (XRP) alone has gained over 8% in the last seven days.
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