Crypto Listings Skyrocket Outpacing Last Year’s Totals: A Sign of Renewed Vigor in 2024?

The crypto market is now witnessing a significant resurgence this year, with the number of new tokens listed on major exchanges surpassing last year’s total within just the first six months.

According to a Bloomberg report citing data analysis from CCData, crypto listings surged 11.6% across major platforms like Binance and Bybit, bringing the total number of new tokens introduced by these exchanges up to around 2,066 this year alone.

Reason Behind This Surge In Crypto Listings?

As highlighted by Bloomberg, one of the reasons for this increased level of listings is the general bullishness in the sector as crypto prices have surged and regulatory trends are becoming highly favorable.

The report read:

The surge in listings on centralized exchanges has been driven by this year’s rally in crypto prices, which has been led by market bellwether Bitcoin’s more than 50% increase. Expectations for more regulatory leeway have been bolstered by the US approval of Bitcoin and Ether ETFs this year, along with growing speculation that Donald Trump will by more crypto-friendly if he is elected president in November.

The new listings cover a broad spectrum of tokens on centralized exchanges like Binance and Coinbase, where the custody of users’ assets is held. Notably, this growth does not include the plethora of meme coins that have flooded decentralized exchanges such as Uniswap.

Pantera Capital’s Cosmo Jiang was optimistic that improved regulations should help draw lines between value tokens and less substantive ones—meme coins. Jiang noted:

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 meme coins will lose out.

Startups Begin Leveraging New Listings

Meanwhile, amidst this regulatory thaw, startups are increasingly turning to token launches as mechanisms for funding and expanding community engagement, reversing the cautious trend seen during the crypto winter of 2022.

That year, the market was recovering from high-profile scandals and the demise of big firms like FTX, which resulted in a dramatic drop-off in new listings.

Even with the boom this year, listings on central platforms have not yet come close to matching 2021 levels, Kaiko found. However, Bybit and other platforms are making up many new listings for faster turnover, while Coinbase remains cautious about its listing.

According to the report, this variation of strategies across platforms is a positive sign that we are entering the next phase in a maturing market, one where enthusiasm can be matched with some caution.

Bybit listing approach has helped shoot volume up 33% since December, demonstrating the market impact of the new token introduction.

In contrast, Binance, the world’s biggest crypto exchange by volume, has seen trading volume slip back over the same period. It likely reflects a change of heart from its recent legal settlements and subsequent tightening of listing processes.

Featured image created with DALL-E, Chart from TradingView