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5 cryptocurrencies to avoid next week

5 cryptocurrencies to avoid next week

In a tumultuous week for the cryptocurrency landscape, digital assets have transformed into a sea of red, causing ripples of concern among investors. 

With the global crypto market cap experiencing a considerable 6% decline, plummeting to $1.06 trillion within a mere 24 hours, the market now grapples with uncertainty. 

As the pressure mounts, on August 18, Finbold handpicked 5 precarious cryptocurrencies demanding investor vigilance, as the risk of further losses looms ominously.

Sei (SEI) 

SEI is the newly-launched token of the namesake Sei blockchain. The cryptocurrency made its debut earlier this week, shooting up nearly 2,000% since.

However, even though SEI remains sharply up since its first trading day, the token displayed substantial volatility over this period. Notably, SEI was up around 3,100% at one point, meaning it lost more than 1,000% in gains in just a few days.

At the time of writing SEI was trading at $0.16, down more than 15% over the past 24 hours. The crypto asset debuted on August 15 and is up over 1,930% since then. 

SEI price chart since Aug. 15 debut. Source: CMC

Bitcoin SV (BSV)

Bitcoin SV (BSV) is a hard fork of Bitcoin (BTC) that was created in 2018. Over the past few years, it has been criticized for its lack of innovation and its association with controversial figures. 

Furthermore, BSV is not doing much to win investors’ trust when it comes to its 2023 performance. Specifically, the crypto asset was trading at $29.20, down more than 6.7% on the day, and over 18% on the weekly chart and monthly charts. 

BSV 1-month price chart. Source: Finbold

Year-to-date, BSV lost nearly 30%, making it one of the worst-performing cryptocurrencies within the top 100 based on market cap. 

IOTA (MIOTA)

IOTA (MIOTA) refers to a distributed ledger technology that is designed for machine-to-machine (M2M) payments. 

Despite the early hype around this blockchain, IOTA has been often criticized for its lack of scalability and its vulnerability to attacks. In addition, cryptocurrency is deeply in the red across all time frames this year.

At press time, MIOTA was changing hands at $0.14, down over 6.6% on the day, 15.3% on the week, and more than 21% in the past 30 days.

MIOTA 1-month price chart. Source: Finbold

Over the past 6 months, MIOTA fell by more than 41%.

NEO (NEO)

NEO (NEO), the cryptocurrency of a namesake blockchain developed to support smart contracts and decentralized applications, is a part of this list mainly because it is an asset that has been trending down for several years. 

Having said that, betting on a cryptocurrency that continues to lose significant value would be the definition of an extremely risky play.

At the time of writing, NEO was standing at $7.01, down 9.5% in the last 24 hours. The cryptocurrency lost over 17% on the week and more than 22% over the past month.

NEO 1-month price chart. Source: Finbold

Over the past year, NEO’s price plummeted by 35.6%, losing more than $240 million in market cap during that period.

Bitcoin Gold (BTG)

Bitcoin Gold (BTG) is a decentralized digital currency that emerged as a fork of the original Bitcoin blockchain. It was created with the aim of making mining more accessible to individual miners by using a different algorithm.

However, BTG is seen as one of the most risky cryptocurrencies to invest in, primarily due to being extremely volatile. According to CoinCodex data, BTG’s volatility – which measures the 30-day variation in price for a crypto asset – stands at more than 8%, marking a significantly high figure.

BTG was trading at $13.4 at the time of writing, down 3.8% on the day. The cryptocurrency fell by 8.5% on the week and 1.4% on the monthly chart.

BTG 1-month price chart. Source: Finbold

BTG plunged by more than 53% over the past year and was outperformed by 75% of the top 100 crypto assets during that period.

Conclusion

Given their consistent track record of extreme volatility and persistent underperformance, these cryptocurrencies may not present an optimal investment choice for the upcoming week, especially given the current market sentiment. 

It’s prudent to exercise caution and refrain from trading them at this time. However, remaining vigilant is essential, as the cryptocurrency landscape can undergo rapid and drastic shifts that warrant continuous monitoring.

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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