The extended crypto winter appears not to have deterred investors and developers of new digital assets as they continue to be interested in the market, with interest highlighted by massive capital inflow in new cryptocurrencies.
In particular, as of October 7, the top five new cryptocurrencies tracked by CoinMarketCap had a cumulative capitalization of $50.75 billion within four days of listing. Non-fungible tokens (NFT) centered RIMAUNANGIS (RTX) token leads the top five with a market cap of $27.8 billion, with the asset trading at $13.89.
GOLD COIN (GOLC), trading at $61, ranks second with a market cap of $17.8 billion. The asset mainly focuses on staking. Elsewhere, gaming ecosystem token Joystick (JOY) ranks third with a market cap of $3.29 billion, while the clean-tech power Elan (ELAN) token has a market cap of $1.05 billion, valued at $1.04.
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Triggers of interest in new coins
The interest in the new coins goes against the current market trends where most assets have corrected, with investors opting to stay back and observe. However, in this case, several factors are potentially driving the interest with the possibility of rallying in the future, ranking top.
Notably, some new coins attempt to emulate Bitcoin (BTC), an asset that has significantly benefited early investors. Therefore, based on elements like fear of missing out (FOMO), investors opt for such new coins and consider aspects like utility.
Despite the recent market meltdown, analysts maintain that the market is still growing, and investors should expect a possible rally in the coming months.
Caution in dealing with new coins
Elsewhere, despite the new coins attracting interest, it is worth noting that such new tokens have previously been singled out not to act in the best interest of crypto investors. Further research is usually recommended before investing since scammers have taken advantage of launching new assets under pump and dump schemes.
At the same, the sustainability of the new assets will rely on the crypto sector’s maturity. Despite attracting significant interest it does not translate into success, especially with analysts projecting that most tokens will likely be wiped out.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
