How These 5 New Crypto Bagged $50 Billion In Market Value In Less Than A Week

Christian Encila

Last Updated: October 8, 2022 10:00 am

3 mins read

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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

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.