A new report from Bloomberg shows a significant increase in the listing of crypto tokens on major exchanges in the first half of 2024. The number of listings jumped by 11.6% to 2,066, highlighting a renewed interest in cryptocurrencies.
The report, which included data from CCData, found that high-volume exchanges like Binance and Bybit saw most of these new listings. Lower-volume exchanges, such as CoinJar and BTC Markets, also experienced a nearly 32% increase, with 488 new tokens listed.
Cosmo Jiang, a portfolio manager at Pantera Capital, commented on the trend: “I am optimistic that the shifting political and regulatory stance toward crypto starts driving positive change. Specifically, I hope that with regulatory clarity increasing, tokens with real value tied to strong fundamentals will stand out, and those without real value, such as memecoins, will lose out.”
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The surge in listings correlates with a significant rally in crypto prices, led by Bitcoin’s over 50% increase this year. The report also noted that the approval of Bitcoin and Ether ETFs in the U.S. and speculation about potential pro-crypto policies under a possible Trump administration have boosted market confidence.
Despite the growth, the number of new listings in 2024 is still likely smaller than in 2021, according to researcher Kaiko. The number of listings dropped by more than 50% in 2022 and another 20% in 2023.
Bybit emerged as the leading exchange in terms of new listings, with an 83% increase since early 2023. In contrast, Coinbase showed more conservative growth, with an 8.2% rise in listings over the same period.
A separate report from Coingecko, a leading crypto-tracking website, revealed that memecoins were the major market movers in the second quarter of 2024. The total market capitalization of cryptocurrencies dropped by 14%, losing $408.8 billion and ending the quarter at $2.43 trillion. Despite the rise in token listings, the crypto market still struggles to reach new all-time highs.