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More than 700 new cryptocurrencies and 30 exchanges emerged in March 2022

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The cryptocurrency industry is not only growing in terms of market cap, which has recently rebounded to the $2 trillion mark, but also in new digital assets and exchanges joining the ecosystem.

1 new exchange each day in March

According to data from CoinMarketCap, as of March 1, 2022, the number of cryptocurrencies was 17,869. In addition, around 458 cryptocurrency exchanges were listed on the platform.

Now, near the end of the month, there are already more than 18,597 cryptocurrencies followed by the CMC and 489 exchanges.

That is, in March alone, the cryptocurrency market saw the emergence of at least 728 new cryptocurrencies and 31 exchanges, representing an increase of 4.07% and 6.77% over the month.

Also according to the data, on average, about 24 new cryptocurrencies and one exchange were created per day since the beginning of the month.

At the moment, the total value of the crypto market is on an upward trend. The value is being boosted by major cryptocurrencies BTC and ETH , which have been posting days of bullishness.

Right now, the total market cap is $2.14 trillion.

Ethereum

While cryptocurrencies do not stop growing, whales continue to accumulate ETH.

Data from Santiment highlights that since last year, the top ten ETH wallets have increased their ETH balance by 23.7%.

Additionally, the company reported that just 10 addresses control nearly a quarter (25%) of all ETH circulating on the market. The increase in the balance of ETH whales was 4.3% compared to March 2021.

Also according to the company, the value currently held by the 10 biggest ETH whales is quite close to its highest level in 5 years, indicating that ETH millionaires are taking advantage of the low to accumulate more ETH.

According to Glassnode, whales recently removed $1.4 billion worth of ETH from cryptocurrency exchanges, compared to $739.7 million in ETH inflows.

Here are 5 simple factors to help you figure out what cryptocurrencies to invest in

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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