The first half of 2024 sees a notable increase in crypto token listings on major global exchanges, signaling renewed interest in digital assets.
In a clear sign that cryptocurrency is regaining momentum, more new tokens have been listed on major digital-asset exchanges in the first half of this year than in the entirety of 2023.
Data compiled by CCData for Bloomberg reveals that on high-volume exchanges such as Binance and Bybit, coin listings have risen by 11.6 percent, totaling 2,066 in the first six months of the year. Meanwhile, lower-volume exchanges like CoinJar and BTC Markets have seen listings increase by nearly 32 percent, reaching 488. These figures pertain to centralized exchanges like Binance and Coinbase Global, which hold custody of users’ assets, excluding the vast number of memecoins that trade on decentralized platforms such as Uniswap.
The surge in listings on centralized exchanges has been largely fueled by this year’s rally in cryptocurrency prices, led by Bitcoin’s over 50 percent increase. Additionally, regulatory developments, such as the US approval of Bitcoin and Ether ETFs, have heightened expectations for a more favorable regulatory environment. Speculation about a potentially more crypto-friendly stance from Donald Trump, should he be re-elected, has also contributed to this optimistic outlook.
“I am optimistic that the shifting political and regulatory stance toward crypto starts driving positive change,” stated Cosmo Jiang, a portfolio manager at digital-asset firm Pantera Capital. “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 memecoins, will lose out.”
Startups have resumed launching tokens, ranging from memecoins to gaming coins, as a means to finance operations or expand community support. This marks a significant change from 2022 when the crypto market experienced a severe downturn following a series of scandals and bankruptcies, including the collapse of the FTX exchange.
Researcher Kaiko indicates that while the current spike in new listings on centralized exchanges is notable, it is still likely smaller than the surge witnessed in 2021. In 2022, token listings plummeted by more than 50 percent, with a further 20 percent decline last year.
Bybit has emerged as the most prolific lister among higher-volume exchanges, with listings up 83 percent since the beginning of 2023, according to CCData. In contrast, Coinbase has taken a more conservative approach, with an 8.2 percent increase in listings over the same period.
“So far this year, we have a mixed bag, with Binance listing less aggressively than before, but other platforms are stepping up new listings,” said Dessislava Aubert, senior analyst at Kaiko. “As a result, the overall number of listings has increased since the start of the rally, but not as fast as during previous cycles.”
New token listings have typically boosted spot trading activity. Bybit’s trading volume in June was 33 percent higher than in December, based on CCData’s findings. However, Binance, the world’s largest crypto exchange, saw a slight decrease in trading volume over the same period.
In November, Binance settled charges with the US Department of Justice and other agencies, agreeing to a $4.3 billion fine. Since then, the exchange has tightened its listing requirements, making it more challenging for projects and market makers to collaborate with the platform.
As the cryptocurrency market continues to evolve, the increasing number of token listings reflects growing investor confidence and renewed interest in digital assets. This resurgence suggests a promising future for the crypto industry, provided it can navigate the complexities of regulation and market dynamics.
