There is a popular belief that the only cryptocurrency that exists in the world is Bitcoin (BTC), or failing that only the largest ones such as Ethereum (ETH), the second largest or Ripple (XRP), the third.
But in reality, there are more than 5,500 cryptocurrencies that are very different from each other and that try to solve various problems of our day to day, from renewable energy to the storage of medical records, with a very wide range of options in between.
Bitcoin's behavior
Weeks ago, the price of Bitcoin (BTC) fell from $ 9,800 to $ 8,900. On the other hand, the second of all, Ethereum (ETH) collapsed 10% in that same period, going from US $ 248 to US $ 215.
But, although the main cryptocurrencies had a negative behavior, several small cryptocurrencies or Altcoins, not only increased in price, but also set records of a new historical maximum in their prices.
The weight of uncertainty and fear that continues to cause the Coronavirus and all the negative impacts it has brought, are conditioning all markets worldwide, and the universe of cryptocurrencies has been no exception.
Large cryptocurrencies, such as Bitcoin for example, are struggling to stay stable and not fall, rather than thinking about a possible considerable rise in their prices. Instead, many altcoins have done nothing but set higher and higher highs.
We can see how 3 smaller-cap cryptocurrencies set a new all-time high two weeks ago.
Universal Market Access (UMA): This small cryptocurrency aims to create a decentralized financial system, in which those unbanked, or with prohibitive regulations in their regions can access the traditional and cryptocurrency financial system anywhere in the world. UMA had an increase of more than 100% in a matter of months, and it seems that every week it continues to break a price record.
Ren (REN): The REN team tries to solve the interoperability problem that exists between different cryptocurrencies. For example, if you have Bitcoin you cannot make a transfer to someone who has Ethereum. So REN seeks to be the intermediary between any pair of Blockchains of different cryptocurrencies, allowing the instantaneous exchange of value.
DMM Governance (DMG): It tries to allow users of cryptocurrencies to acquire stocks and bonds of the traditional financial world,
such as at Tesla or Apple. Furthermore, they plan to create their own ecosystem, in which these actions and even the cryptocurrencies stored in their ecosystem, can gain additional interests within the project's governance system. This Altcoin has continued to reach maximums in its prices week after week, managing to exceed 100% in value increases.
Altcoins with good returns don't end here
There are a handful of other cryptocurrencies that have also managed to hit new all-time highs despite the unfavorable conditions of the big ones in the cryptocurrency market:
Synthetic Network Token (SNX)
Celsius Network (CEL)
THORChain (RUNE)
Reserve RightsToken (RSR)
pNetwork (PNT)
Balancer (BAL)
Aleph.im (ALEPH)
This handful of cryptocurrencies, known as Altcoins, don't even come close as they enter the top 100 with the largest capitalization. Put together, they are nowhere near $ 500 million in total capitalization.
Aside from being small-cap Altcoins, these assets have very little in common with each other, and even with large cryptocurrencies like BTC and ETH.
It is clear that thanks to the fact that their total valuation is still small, they allow their price to skyrocket at times.
To take into account when the investor decides to venture into the world of cryptocurrencies: there are some of the largest, best known and consolidated, but in the sea of the more than 5,500 in existence, opportunities also arise, which carry greater risk due to the not-so High liquidity as enjoyed by the leaders in total market capitalization.
Thanks for sharing this. I haven't heard about those token. I'll search them and see. I'll try to trade them Good luck to me. 😁