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How these 5 new cryptocurrencies got $50 billion in market capitalization

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Cryptocurrency developers seem unfazed by the bear market as they continue to introduce alternative digital currencies or tokens into the space.

Because of this, price data and digital information platform CoinGecko now tracks 13,201 cryptocurrencies.

Despite the bloody September of most cryptocurrencies, the collective market capitalization of these digital assets is currently estimated at $986 billion.

As expected, Bitcoin and altcoin king Ethereum continue to assert their dominance as they represent 38% and 16.3% respectively of the total cryptocurrency market cap.

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But while these two pack leaders always seem to be in the spotlight, there are other lesser known digital icons that have just joined the pack.

Crypto Quintet Accounts Worth $50 Billion

Only on October 7, four days after its initial listing, five new cryptocurrencies captured a total market capitalization of $50.75 billion.

These “newcomers” didn’t have to wait long to make a noise loud enough to turn heads in the ever-growing world of crypto.

Among the five companies, RIMAUNANGIS (RTX) has led the way with a capital of $27.8 billion. At the time of publication, keep track of CoinMarketCap It shows that the NFT-focused digital asset was trading at $13.89.

GOLCOIN (GLC) and Joystick (JOY) ranked secondsecond abbreviation and 3research and development With fully diluted totals of $17.8 billion and $3.29 billion, respectively. GLC is trading at $61 while JOY gaming token is trading at $0.65.

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It joins the three newly introduced cryptocurrencies, the ELAN token and Shihtzu Exchange (STZU).

Ilan is 4The tenth With a cap of $1.04 billion, STZU came in at the bottom with a market capitalization of $730.2 million.

Quick reminder to investors

While the ever-increasing number of cryptocurrencies indicates strong interest and high expectations for profitability in the crypto space, we once again urge investors to exercise caution in dealing with newly released crypto assets.

Pump and dump schemes have fallen victim to a lot of cryptocurrency investors over the years and have been the go-to scammers for easy money.

It is highly recommended that potential investors of various cryptocurrencies do a thorough research on the asset they are planning to spend their money for.

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Oftentimes, these scammers tend to capitalize on the fear of losing (FOMO) 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

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Cryptocurrency

‘Immoral and illegal from the start’

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at recent days an interview Michael Saylor, CEO of MicroStrategy and Bitcoin Home (BTC) Taurus, share his point of view on The Fall of the FTX Empire.

Saylor said that for years there has been a low-grade “boiling gang war” between the BTC community versus the cryptocurrency community over industry practices such as, what he repeatedly calls, “shitcoinery.”

In Saylor’s view, Sam Bankman-Fried was the “poster child” for the latter.

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“There is something morally wrong about being able to issue your unregistered security. Sam and most people in the cryptocurrency world have always been guilty of the sin of shitcoinery.”

He attributes this behavior to his perceptions of the problems inherent in the crypto community, namely greed, arrogance, and stupidity.

From there, Saylor delved into what he calls a “demonic turn” in the FTX story, which entailed SBF generating billions of air tokens and issuing billions of dollars in loans from users’ funds.

While a lot Expose the SBF story And his mismanagement of money, society is on reddit Saylor was praised for his clear explanation of the situation, along with a direct comparison of BTC.

One user wrote that while they didn’t care for Saylor otherwise, his explanation was one of the “best in all of the space.”

Related: The first bear market? Advice from Michael Saylor Thor Bitcoin

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This wasn’t Sailor’s first comment about the FTX scandal. In the early days of the crash, he was among the first, along with Binance CEO Changpeng Zhao, to community urging To practice self-care.

The entire crypto community is waiting for the December 13 session, which will do Investigate the stock market crash. According to the committee presiding over the session, they expect that SBF and associated individuals to appear in court to testify on this date.