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Market Extra: What is an ICO?

The murky world of cryptocurrencies has exploded into the mainstream lately. That tends to happen when an investment like bitcoin BTCUSD, +1.36% surges almost fourfold over the past year.

Understandably, there’s been a gold rush to uncover more of these kinds of returns, which has led to massive growth in the crypto market. In fact, there are more than 800 different cryptocurrencies out there right now, according to CoinMarketCap.com.

Many of these digital currencies boast odd names like “psilocybin” and “the vegan initiative.” Sounds ridiculous, and maybe it is, but the total crypto market cap now stands at a whopping $87 billion.

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