Nearly 5,000 new cryptocurrencies have been launched in the past twelve months, Crypto Parrot reported on Wednesday based on research.

According to the Irish digital coin trading platform, there are now over twelve thousand different coins.

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The trading platform looked at new coins in the period between September 2020 and September 2021. It showed that 4,908 new digital currencies have been added.

As a result, there are now a total of 12,046 coins, 69 percent more than last year.

The year before, more than four thousand coins were added.

At the time, that was an increase of almost 150 percent.

According to Crypto Parrot, the new coins respond to the growing digital currency market and the increasing interest of major investors in cryptocurrencies.

The platform calls the growth in the number of cryptos remarkable, because more than a decade ago there was only bitcoin.

The total value of all cryptocurrencies at one point rose to a peak of 2 trillion dollars (more than 1,700 billion euros), according to Crypto Parrot.

Incidentally, many coins also fail due to lack of interest from the public and investors, the researchers say.