Before I begin to explain myself, I think it’s important to explain what I think are unknown cryptocurrencies. It doesn’t refer to all other cryptocurrencies apart from bitcoin and Ethereum, but rather those coins that don’t appear on the top 10 list on Coinmarketcap. IOTA, Litecoin and Dash, for example, are not unknown cryptocurrencies since they too get some attention.
In this regard, therefore, I consider unknown cryptocurrencies to be like penny stocks, and therefore not worth investing in. It is easy to get attracted to penny stocks because they are cheap and have sharp fluctuations in price. At first glance, it can be seen as an opportunity to make quick money when the value of a penny stock goes up, but it rarely happens. This attraction to quick profits becomes just like gambling, and in most cases ends up in tragedy. It is the same with unknown cryptocurrencies – a lot more of them fail compared to those that succeed.