How These 5 New Cryptos Got $50 Billion in Market Cap
Crypto developers seem to be unaffected 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 now tracks 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% of the total crypto market capitalization respectively.
But while these two pack leaders always seem to be in 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 long to make a loud enough noise to turn heads in the ever-growing cryptosphere.
Among the five, RIMAUNANGIS (RTX) led the way with its market value of $27.8 billion. At press time, tracking from CoinMarketCap shows that the NFT-centric digital asset was trading at $13.89.
GOLCOIN (GLC) and Joystick (JOY) ranked 2ndn.d 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.
Along with the three are their other recently introduced cryptocurrencies, ELAN and the Shihtzu Exchange (STZU) token.
ELAN is 4th with a cap of $1.04 billion, while STZU came in at the bottom with a market cap of $730.2 million.
A quick reminder for investors
While the ever-increasing number of cryptocurrencies signals strong interest and high expectations for profitability in the crypto space, investors are once again urged to be cautious in handling newly released crypto assets.
Pump and dump schemes have victimized many crypto investors over the years, and scammers have made it easy to make money.
It is highly recommended that potential investors of various cryptos conduct thorough research on the asset they plan to invest their money in.
More often than not, these scammers tend to take advantage of the fear of missing out (FOMO) of individuals and even companies pinning 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
