The cryptocurrency world has had a very turbulent week. Digital assets have turned into a sea of red, causing waves of concern among investors. The global crypto market cap saw a notable 6% drop in just 24 hours. Thus, the market began to grapple with uncertainty. Analyst Vahid Karaahmetovic draws the attention of investors to 5 altcoin projects that are at greater risk of loss.
The first altcoin to stay away from: Sei (SEI)
SEI is the newly released token of its namesake Sei Blockchain. cryptocoin.com As you follow, the altcoin made its debut earlier this week. It has increased by nearly 2,000% since then. While the SEI has seen a sharp increase since its first trading day, the token has fluctuated significantly during this time. Notably, SEI increased by about 3,100% at one point. This means that he lost more than 1,000% of earnings in just a few days. At press time, the SEI was trading at $0.157, down more than 1% in the past 24 hours.
Price chart since SEI’s debut on August 15. Source: CMCSecond place is Bitcoin SV (BSV)
Bitcoin SV (BSV) is a hard fork of Bitcoin (BTC) created in 2018. Over the past few years, it has received criticism for its lack of innovation and association with controversial figures. Moreover, BSV 2023 does not do much to gain the trust of investors when it comes to performance.
The altcoin was trading at $31.03, down more than 13% on the weekly chart and more than 19% on the monthly chart. Also, BSV has lost nearly 30% year-to-date. Thus, it became one of the worst performing cryptocurrencies in the top 100 by market cap.
BSV 1-month price chartWe continue the list with IOTA (MIOTA)
IOTA (MIOTA) refers to a distributed ledger technology designed for machine-to-machine (M2M) payments. Despite the initial excitement around this blockchain, IOTA has received frequent criticism for its lack of scalability and vulnerability to attacks. In addition, the altcoin is in red on all timeframes this year. At press time, MIOTA was changing hands at $0.14, down 15.3% weekly and more than 21% monthly. Also, in the past 6 months, MIOTA has lost more than 41% in value.
MIOTA 1-month price chart.Analyst says stay away from NEO (NEO) too
NEO (NEO) is a Blockchain developed to support smart contracts and decentralized applications. Altcoin is actually a cryptocurrency that has been in a bearish trend for several years. That’s why it became part of this list. Therefore, betting on a cryptocurrency that continues to depreciate significantly would be an extremely risky game.
At press time, NEO was trading at $7.13, losing over 16% on a weekly basis. Also, NEO has lost more than 22% in the past month. By the way, it is worth noting that NEO fell by 35.6% last year. NEO has lost more than $240 million in market capitalization during this time.
NEO 1-month price chartLast ranked altcoin Bitcoin Gold (BTG)
Bitcoin Gold (BTG) is a decentralized cryptocurrency that originated as a fork of the original Bitcoin Blockchain. The developers created it with the aim of making mining more accessible to individual miners using a different algorithm. However, BTG is seen as one of the riskiest altcoin projects to invest in, primarily due to its highly volatile nature. According to CoinCodex data, BTG’s volatility is more than 8%. This indicates a significantly higher figure.
At press time, BTG was down 9.2% on a weekly basis. Also, the altcoin is down 0.48% on a monthly basis. BTG saw a decline of more than 53% last year. It has outperformed 75% of the top 100 cryptoassets during this period.
BTG 1-month price chartThe opinions and estimates in the article belong to the analyst and are not investment advice. We recommend that you do your own research before investing.
