THOUSANDS of cryptocurrencies are in circulation with interest in the market booming this year.
New types of virtual currencies are being released all the time – but only a few make it big time.
New cryptocurrency releases 2021
New cryptocurrencies are being released every month and it can be hard to keep track of them all.
In May 2021 there were 10,115 cryptocurrencies – either altcoins or tokens – according to CoinMarketCap, and this had risen to 12,282 by the start of October.
On one day alone, August 13, 2021, 21 new coins were listed on CoinMarketCap.
BitClout is an open source cryptocurrency project and social media platform.
Users are able to buy and sell “creator coins” – based on their reputation.
For example, when they do something positive, the coin gains value.
When the coin hit the market in June, it started trading at £129 but this plunged to £50 in August.
As their website states: “Orica is built for first-time cryptocurrency users.
“Orica is built for those who have a personal appreciation for creativity and on the lookout for great art.”
The current CoinMarketCap ranking is #4186.
Landshare coin premiered on August 2.
It was initially priced just over £2.60, rising to £4.10 on August 14.
The market cap is now more than £1million.
Landshare is a DeFi platform on the Binance Smart Chain.
It offers a hassle-free alternative to traditional real estate investments.
5 risks of crypto investments
THE Financial Conduct Authority (FCA) has warned people about the risks of investing in cryptocurrencies.
- Consumer protection: Some investments advertising high returns based on cryptoassets may not be subject to regulation beyond anti-money laundering requirements.
- Price volatility: Significant price volatility in cryptoassets, combined with the inherent difficulties of valuing cryptoassets reliably, places consumers at a high risk of losses.
- Product complexity: The complexity of some products and services relating to cryptoassets can make it hard for consumers to understand the risks. There is no guarantee that cryptoassets can be converted back into cash. Converting a cryptoasset back to cash depends on demand and supply existing in the market.
- Charges and fees: Consumers should consider the impact of fees and charges on their investment which may be more than those for regulated investment products.
- Marketing materials: Firms may overstate the returns of products or understate the risks involved.
SafeMoon launched in March and attracted a lot of attention after its price rocketed in April.
It technically isn’t a cryptocurrency but a DeFi token, according to its website.
DeFi stands for decentralised finance token. They are very complex but essentially aim to disrupt the finance world to enable people to follow and lend in peer-to-peer networks, without needing a bank.
Like Bitcoin they use a complicated method called blockchain technology.
SafeMoon claims it will reward people who buy and hold onto the cryptocurrency.
While those who sell the currency will be slapped with a penalty.
Red Shiba is a BSC token available on PancakeSwap.
It is described as “a token of the Red universe, it aims to strengthen the ecosystem that the Red Team is designing, a universe without Rug, Fair-play and beneficial to all fans of memes tokens.”
EverGrow is expected to be the next cryptocurrency to explode this year.
With every transaction, it distributes eight per cent of the transaction to all token holders directly to their wallets.
The process is is fully automatic and each holder will get a share in proportion to the amount of coins they own.
An additional one per cent is applied to all the sales to lower the volume of swing trading.
The VDV token was launched in May 2021 and designed to “develop a new generation payment platform that can be integrated with the existing eCommerce industry,” so its website states.
The VDV payment system consists of the VDV token, which is built on Binance Smart Chain and designed for ecommerce payments.