How These 5 New Crypto Bagged $50 Billion In Market Value In Less Than A Week
October 08 2022 - 6:00AM
NEWSBTC
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. Related Reading: SushiSwap: Deciphering How SUSHI Is
Posting Unparalleled Price Growth 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. Related Reading:
Shiba Inu: How This Newly Found Support Will Boost SHIB Price This
Week Crypto total market cap at $907 billion | Featured image from
Pro Bono Australia, Chart: TradingView.com
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