How These 5 New Crypto Bagged $50 Billion In Market Value In Less Than A Week
Crypto developers seem to be unfazed by the bearish market as they continue to introduce new altcoins or tokens into the space.
It is because of this that digital currency price and information data platform CoinGecko is now tracking 13,201 cryptocurrencies.
Despite the bloody month of September for most cryptos, the collective market capitalization of these digital assets is currently valued at $986 billion.
As expected, Bitcoin and altcoin king Ethereum, continue to assert their dominance as they account for 38% and 16.3%, respectively, of the total crypto market cap.
But while these two pack leaders seem to always be on the limelight, there are other lesser known digital tokens that have just joined the stack.
Crypto Quintet Accounts For $50 Billion MC
Just this October 7, four days after their initial listing, five new cryptocurrencies accounted for a total market capitalization of $50.75 billion.
These “new entrants” didn’t have to wait for a long time to make a loud noise enough to turn heads in the ever-growing crypto sphere.
Among the five, RIMAUNANGIS (RTX) led the way with its $27.8 billion market cap. At press time, tracking from CoinMarketCap shows the NFT-centered digital asset was trading at $13.89.
GOLCOIN (GLC) and Joystick (JOY) ranked 2nd and 3rd with their fully diluted total value of $17.8 billion and $3.29 billion, respectively. GLC is changing hands at $61 while the JOY gaming token is trading at $0.65.
Joining the three are their fellow newly-introduced cryptocurrencies, ELAN and Shihtzu Exchange (STZU) token.
ELAN is 4th with its $1.04 billion cap while STZU came at the bottom with its $730.2 million market capitalization.
A Quick Reminder For Investors
While the continuously growing number of cryptocurrencies signals strong interest and high expectations for profitability in crypto space, investors are once again urged to be cautious in dealing with newly released crypto assets.
Pump and dump schemes have victimized a lot of crypto investors over the years and have been the go-to move by scammers to score easy money.
It is highly advised that potential investors of different cryptos conduct thorough research about the asset they plan to spend their money for.
More often than not, these fraudsters tend to take advantage of the fear of missing out (FOMO) of individuals and even companies that pin their hopes on new tokens and projects to emulate the success of early Bitcoin investors.
Crypto total market cap at $907 billion | Featured image from Pro Bono Australia, Chart: TradingView.com