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3 cryptocurrencies to avoid trading next week

3 cryptocurrencies to avoid trading next week

The last month of 2023 had a bullish start this Friday, December 1. Bitcoin (BTC) reached new yearly highs while other cryptocurrencies followed the leader’s price action.

With signals of a coming altseason, cryptocurrency traders might be rewarded for most good picks until an inevitable retracement. However, picking high-capitalized coins with weak fundamentals increases the inherent risks of trading.

In this context, Finbold selected three cryptocurrencies to avoid next week for proper risk management.

Notably, this week’s picks consider tokens that are close to the top 100 edge by market cap. Ranking among the largest 100 projects creates a relevant psychological resistance, which might play for the following projects without a clear value proposition.

Pepe (PEPE)

In particular, speculators should avoid trading Pepe (PEPE) next week. PEPE is trading at $0.000001096, ranked among the 98 most valuable cryptocurrencies with a $457.5 million market cap.

Despite the previous hype surrounding this memecoin, Pepe does not have a clear value proposition. 

Market cap rank: USTC (97th), PEPE (98th), and HT (99th). Source: CoinMarketCap

Recently, crypto wallet addresses linked to Pepe’s origin were spotted dumping massive amounts of their holdings. This happens as all of its demand is purely speculative, and buyers have low incentives to keep holding the token. 

Ordi (ORDI)

A similar logic can also apply to Ordi (ORDI), a BRC-20 token running in the Bitcoin blockchain through Ordinal inscriptions. The token is a purely speculative asset exchanged through usual Bitcoin transactions, which also costs network fees paid in BTC.

ORDI is trading at $21.15 per token with more than $444 million capitalization, ranked among the top 103 cryptocurrencies. Interestingly, the leading BRC-20 token just recently lost its 100th position, as the mentioned psychological resistance plays out.

Market cap rank: ORDI (103rd). Source: CoinMarketCap

Terra (LUNA)

The third cryptocurrency to avoid trading next week is Terra (LUNA). Despite not being a memecoin, Terra lost the market’s trust after a massive mint by Do Kown, who was convicted of fraud and arrested after the project’s collapse in 2022.

Essentially, the most active community of developers moved to Terra Classic (LUNC), which now ranks in the 72nd position with close to a $700 million market cap.

In the meantime, LUNA has the 102nd rank, right above ORDI, trading at $0.751, resulting in a $445 million capitalization.

Market cap rank: LUNA (102rd). Source: CoinMarketCap

All things considered, any of these three mentioned cryptocurrencies to avoid trading next week might still perform well in the volatile and unpredictable cryptocurrency market. Value is subjective, and speculation could drive prices, capitalization, and ranks upward despite the mentioned fundamental aspects.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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