More than 12,000 cryptocurrencies «died» over the past year

According to Nomics, a cryptocurrency aggregator, 12,100 tokens turned into zombies in 2022 alone. This means that they have not been traded for at least a month. Analysts noted that this figure is twice as high as in all previous years combined. Experts attributed the problem to the decline of the cryptocurrency market (the so-called crypto winter is still ongoing).

According to Nomics co-founder Nick Gauthier, it is difficult to assess the scale or seriousness of such «zombie projects.» He added that most of the «dead» assets are meme tokens, short-term borrowed assets, or small personal projects created for fun. Gauthier emphasized that last week, out of 64,400 digital assets tracked by Nomics, only 13,800 were traded on a daily basis.

We would like to add that despite the disappointing forecasts for the cryptocurrency market, the value of the flagship digital assets has increased today. Thus, BTC is trading for $ 19,759, adding 2.87% in price. As for ETH, its value has increased by 3.57%, and it is currently trading at $ 1338.

As a reminder, some cryptocurrency analysts and social media users believe that October 7, 2022 is a key day for the cryptocurrency market. That’s when the US government will announce updated data on the unemployment rate and information on public employment in the country. These factors will determine how much the Federal Reserve will raise interest rates in November 2022. Recently, the cryptocurrency market has been reacting extremely strongly to the statements of Fed Chairman Jerome Powell, with rates of flagship digital assets and leading altcoins falling sharply.