Bitrabo Editorial
The crypto market is experiencing a notable upsurge this year, with the number of new tokens added to major exchanges surpassing the total for the entirety of the previous year in just the initial six months.
According to a recent Bloomberg report referencing data analysis from CCData, there has been an 11.6% increase in crypto listings across major platforms like Binance and Bybit, resulting in around 2,066 new tokens being introduced by these exchanges in 2024 alone.
Reasons Behind the Surge in Crypto Listings
Bloomberg pointed out that one of the key factors for this surge in listings is the overall optimism in the sector due to the surge in crypto prices and favorable regulatory trends.
The report emphasized that the increase in listings on centralized exchanges is attributed to this year’s rally in crypto prices, primarily led by Bitcoin’s over 50% surge. Additionally, the approval of Bitcoin and Ether ETFs in the US this year, coupled with speculation of a more crypto-friendly stance under a potential President Trump, has boosted expectations for regulatory leniency.
The newly added tokens encompass a wide range of offerings on centralized exchanges like Binance and Coinbase, focusing on user asset custody. Notably, this growth excludes the numerous meme coins flooding decentralized exchanges such as Uniswap.
Financial firm Pantera Capital’s Cosmo Jiang expressed optimism that clearer regulations would differentiate valuable tokens from less substantial ones like meme coins, anticipating a positive shift in the crypto landscape.
Startups Embrace New Listings for Expansion
Amidst the evolving regulatory environment, startups are increasingly utilizing token launches for fundraising and enhancing community involvement, marking a shift from the cautious approach observed during the 2022 crypto winter period.
Despite the current boom, central platform listings are still below the levels seen in 2021, as noted by Kaiko. Platforms like Bybit are introducing numerous new listings for quicker turnover, while Coinbase remains conservative in its listing strategy.
According to reports, this diverse approach among platforms signifies a maturing market where enthusiasm is balanced with prudence. Bybit’s listing strategy has significantly boosted volume since December, illustrating the market impact of new token introductions.
In contrast, Binance, the leading crypto exchange by volume globally, has witnessed a decline in trading volume during the same period. This shift likely reflects a change in approach following recent legal settlements and a stricter listing process.