The ease of creating new Cryptocurrencies had led to a large influx of new coins into the market. In 2021, the number of Cryptocurrencies in the space sat at 8,153 on January 1st. According to Finbold, over 8,070 new coins were created in 2021 alone, leading to an almost 100% increase. Collectively, there are now 16,223 Cryptocurrencies in the market.