Investors still seem to be showing interest in the possibilities of newly listed digital assets, even though the cryptocurrency market is currently in the consolidation phase during a protracted bear market. This notion is emphasized by the considerable trading volume.
In particular, as of December 8, the top three new cryptocurrencies by daily market trading volume tracked by CoinMarketCap controlled a cumulative market cap of over $4 million within one day of being listed on the platform.
Black Dragon Society (BDS) which runs on the Ethereum (ETH) blockchain, was changing hands at $0.000003226 and had the highest trading volume with over $2.87 million. In second place, MxmBoxcEuspe Token (MBE) token traded at $0.1298 had a trading volume of $2.83 million. MBE-Ultimate final blockchain is a decentralized, efficient, and energy-saving public chain, compatible with smart contracts.
Third by trading volume, with over $1.15 million traded in the last 24 hours, was OpenAI ERC (OPENAI ERC). Open Ai ERC20 is not affiliated with the Open Ai team and the free-to-use telegram bot, although 1% of all transactions occurring with the Open Ai ERC20 token will be donated to the team behind Open Ai.
Notably, OpenAI ERC led the gains of the newly listed cryptocurrencies, climbing 258.75% in the last 24 hours, changing hands at $0.03256, with a fully diluted market cap of $3.2 million.
Swapify (SWIFY) and Digimon Rabbit (DRB) rank second and third, respectively, in gains by new cryptocurrencies added to CoinMarketCap in the last 30 days.
Caution on newly listed cryptos
Before investing, a thorough study must be undertaken, despite the fact that the new cryptocurrencies are generating substantial returns in a short time frame. When making financial commitments, one should, for instance, thoroughly investigate the functions that may be performed with the token.
Notably, some assets have a defined purpose, but in the past, scammers have issued new cryptocurrencies with the intent of stealing investor money through schemes such as rug pulls and pump and dumps.
Overall, the new assets entering the market are hoping to profit from a potential market resurgence that may occur later.
Altcoins to watch
Aside from that, as the year comes to a close, Finbold highlighted the top five altcoins to watch in December 2022, including the likes of Chainlink (LINK), Polygon (MATIC) and Binance‘s native BNB (BNB) token. In addition to five of the most promising cryptos on the market with a low capitalization that investors should keep on their watchlists in December.
In conclusion, if any of these alternative cryptocurrencies continue to perform favorably, make improvements to their platforms, and attract a greater number of investors, they could become a powerful driver of the industry’s recovery from the devastation caused by the failure of what was once one of the largest cryptocurrency exchanges in the world.
Make sure you read our post on “Best Crypto to Buy Now” to learn more about cryptocurrencies worth investing in.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.