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Top Three Cryptocurrencies By Market Cap

21 Sep 2022 By: Simran Mishra
Top Three Cryptocurr

The current extended bear market in the cryptocurrency market 

Is expected to deter investors from investing in new and untested tokens. 

This is not the case for new cryptocurrencies that are experiencing significant capital inflows, as investors may be betting on the tokens to benefit from a future rally.

In this line, the top three new cryptocurrencies tracked by CoinGabbar have garnered around $1.5 billion in capital inflows in four days. Metaplex (MPLX), the decentralized protocol for commerce on the Solana network, is the market leader with a market cap of $757.9 million and its price is currently trading at $0.76.

Elsewhere, Point Network (POINT), the Web 3.0 implementation protocol, comes in second with a market valuation of $649.47 million. By press time, the token was trading at $0.46. Diamond Launch (DLC), a cryptocurrency centered on secure trade, is ranked third with a market cap of around $100.02 million and its price is currently trading at $0.1.

top three new cryptocurrencies

Market volatility extends 

Despite the fact that general market confidence remains low, capital inflows into new cryptocurrencies have emerged. In contrast, existing assets like Bitcoin and Ethereum (ETH) seeing significant selling pressure.

Although there is no precise reason for the unprecedented influx of new assets, it may be assumed that investors are betting on the utility of the specific tokens. Notably, there is widespread consensus that cryptocurrencies with significant utility are more likely to survive.

As a result, investing early in a bad market assures that investors may invest at a discount with the aim of profiting later. Historically, bear markets have provided an opportunity for investors to acquire certain assets in the expectation of benefitting once a rebound begins.

At the same time, the success of assets like Bitcoin suggests that crypto investors are looking for digital assets that are likely to follow the same path and invest early.

Notably, earlier and long-term Bitcoin investors are among those who have benefited from the flagship cryptocurrency's previous gains.

Importance of high market cap

It is worth noting that the market cap suggested the potential of the cryptocurrencies highlighted. In this scenario, market capitalization indicates the amount of risk connected with the cryptocurrency as well as its potential for growth. However, in some cases, cryptocurrencies that attracted considerable capital inflows in the early stages have turned out to be scams.

Overall, the developers of different crypto projects are unafraid of issuing new assets. As CoinGabbar earlier reported, total cryptocurrencies have surpassed 21,000 since September 20.

Read also: MicroStrategy Increases Bitcoin Purchases Despite Price Drop