2022 happens to be a bitter year for cryptos — major brands such as FTX, Celsius, Voyager and Blockfi have filed for bankruptcy. There is crypto crash too. Despite all this, almost 5000 new crypto currencies have emerged in 2022. At the beginning of 2022, there were 16000 plus cryptos on CoinMarketCap.com. At the beginning of November 2022, there are 21000 plus crypto coins featured there. It is an addition of 5000 new cryptos.

Bitcoin emerged in 2009 — almost 13 years ago. It proved to be a viable alternative digital payment system. Thus many ‘altcoins’ emerged, such as Litecoin. There is open-source software to create the code underlying each crypto. It is a blockchain project.