Since the beginning of 2023, the number of new tokens listed on Bybit, a high-volume exchange, has increased by 83%. Coinbase, on the other hand, has been more conservative.
Author: Fang Jiayao
Source: Wall Street News
In the first half of this year, the number of new cryptocurrency tokens listed on major digital asset exchanges has increased, indicating a warming trend in the cryptocurrency market.
According to analysis by CCData, a cryptocurrency market data provider, high-volume exchanges such as Binance and Bybit have seen a cumulative increase of 11.6% in the number of new tokens listed, reaching 2066. Low-volume exchanges like CoinJar and BTC Markets have seen an increase of nearly 32%, with 488 new tokens listed.
These data are from centralized exchanges such as Binance and Coinbase Global Inc., which help users custody assets, while the situation of decentralized exchanges like Uniswap has not been taken into account. Over a million tokens, such as memecoins, have been issued on decentralized exchanges this year.
There are three main reasons for the increase in new token listings on centralized exchanges. First, cryptocurrency prices have risen this year, with the market leader Bitcoin seeing an increase of over 50%, driving the surge in new token listings on centralized exchanges. Second, U.S. regulatory agencies have approved exchange-traded funds (ETFs) for Bitcoin and Ethereum. Third, the market anticipates that if Trump is elected president in November, he may be more friendly towards cryptocurrencies, enhancing expectations for relaxed regulations.
Cosmo Jiang, portfolio manager at digital asset firm Pantera Capital, stated:
I am optimistic about the shift in political and regulatory attitudes towards cryptocurrencies, believing that this will bring about positive changes. With the improvement in regulatory transparency, tokens with real value and strong fundamentals will stand out, while tokens without actual value, such as memecoins, will gradually be phased out.
According to data from research firm Kaiko, although the number of new token listings on centralized exchanges has significantly increased this year, it may still not reach the level of 2021.
2021 was the peak of the cryptocurrency market, with a very high number of new token listings. The market was highly active, with many new projects and tokens being listed. In 2022, the cryptocurrency market experienced a series of scandals and bankruptcies, such as the collapse of the FTX exchange. This severely undermined market confidence, leading to a decrease of over 50% in the number of new token listings. Many projects were forced to be put on hold due to market instability.
The situation continued to worsen in 2023, with the number of listings decreasing by an additional 20% compared to 2022. The market is still digesting the negative impact of the previous year, and both investors and project parties are more cautious. This year, despite the market warming up, the number of new token listings has increased, but the growth rate still has not reached the level of 2021.
Different exchanges have different strategies. CCData found that since the beginning of 2023, the number of new tokens listed on Bybit, a high-volume exchange, has increased by 83%. Coinbase, on the other hand, has been 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, stated:
The situation this year is quite complex. Binance is not as proactive in listing new tokens as before, but the number of new token listings on other platforms is increasing. Since the market has warmed up, the overall number of listings has increased, but the growth rate is not as fast as before.
New tokens typically increase the activity of spot trading. According to CCData, the trading volume on the Bybit exchange increased by 33% in June compared to December. By listing new tokens actively, Bybit has increased the variety of options available for trading on the platform, attracting more traders and investment activities.
In contrast, the global largest cryptocurrency exchange, Binance, saw a slight decrease in trading volume during the same period. This is because in November of last year, Binance reached a settlement with the U.S. Department of Justice and several other agencies, paying a $4.3 billion fine. After this settlement, Binance tightened its requirements for listing new tokens, making it more difficult for projects and market makers to cooperate with them.
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