Hardly a year has gone by since the crypto-market cap hit a staggering historic high of up to $1 trillion. Yet, wreathed in that invigorating success tale, this year’s story paints an entirely different picture with the crypto market currently on its knees. Unexpected inflation rates coupled with widespread economic woes in many countries globally are among the significant reasons for this sorry state.
Nonetheless, despite its existing woes, cryptos are still a popular payment option in online platforms such as GGBET casino online PL site due to the obvious advantages of digital currency. Furthermore, besides online platforms, cryptos are currently accepted in many retail shops, eateries, and even hotels when booking a room. So, even with the recent decline, the good news is that the situation is not permanent; and that is why cryptos are still widely accepted.
To mitigate any sort of unprecedented risks, investors must steer on the safe path to cover all bases in this volatile venture. That means that you should avoid cryptocurrencies that are too risky or non-performing. So, even though the crypto market is generally considered high-risk, here is a list of cryptocurrencies you should avoid buying at the moment:
Expanse
Expanse’s price currently (September 15, 2022) goes for $0.01010129 with a 24-hour trading volume of $221.75, which is -21.86% over the last 24 hours. With a current market cap of $431,009 and a total figure of $42,668,769 in circulation, Expanse has had a dismal performance of late.
To put things into greater context, the price it is currently trading for is a far cry from its all-time high four years ago of $9.6503. It remains to be seen if Expanse will ever reach those heights again. In the meantime, the sensible thing would be to steer clear of this cryptocurrency.
Axie Infinity
Created in 2018, the Axie Infinity cryptocurrency is the native governance token of the Axie Infinity network. It helps you trade resources that players earn from taking part in the Axie Infinity video game. It is currently (September 15) trading at $13.29, which represents a 7.63% drop over the last 24 hours.
That downward shift doesn’t represent a short-term fall you could take advantage of, as would be the case in a different situation. Rather, the crypto’s state has been quite dire, with the cryptocurrency’s price experiencing a whopping -85.86% fall this year. With its all-time price has been $164.90, it is clear that the gaming cryptocurrency needs a lot of improvement.
Novacoin
Novacoin shot to prominence in 2012 as a creation of a famous programmer nicknamed Balthazar. Currently (September 15), the cryptocurrency is going for $0.01834, representing a -8.36% drop in the last 24 hours.
Moreover, this cryptocurrency has experienced a -83.81% dive over the past six months. And even worse, its current price represents a 99% fall from its all-time highs of $31.23. With no upward turn anticipated, it would be wise to hold off should you want to buy it.
Shiba Inu (SHIB)
Shiba Inu, an Ethereum-based meme cryptocurrency, rose to the limelight in 2021 after being created by an anonymous developer in 2020. It was built as a direct competition to popular cryptocurrency Dogecoin, and although it initially started quite slowly, it garnered utility over time to become a huge success. The culmination of its success was then seen through the launch of its Metaverse project earlier in the year.
During the height of Shiba Inu’s success, the meme coin mainly relied on social media hype to keep it going. It is currently (September 15) selling for $0.00001246, which represents a 4.38% price reduction over the past 24 hours. While it is a crypto that can do well when it gains momentum, it is a terrible choice in times of uncertainty due to its highly volatile nature.
Be Smart, Play Safe
While the crypto market is still reeling from a steep fall after attaining the highs of November 2021, it is better to play it safe. This entails buying what would be considered traditional cryptocurrency picks that a lot of people know of in the market.
Thus, even though many cryptos are currently posting negative returns, including even market juggernauts like Bitcoin, some of the cryptos you could look to acquire now include:
- Solana – Designed for Decentralized apps and has lower transaction fees than rivals Ethereum.
- Ether – The native cryptocurrency for Ethereum is seen by many as Bitcoin’s biggest competition.
- Avalanche (AVAX) – Also rivaling Ethereum, AVAX uses smart contracts to support several blockchain projects.
- Binance Coin (BNB) – Trading with the BNB symbol, the Binance coin is the crypto issued by the Binance exchange.
- Cosmos (ATOM) – This crypto links a system of blockchains that work together.
The list could go on and on, seeing as there are tons of cryptos in the market, but they are an excellent place to start if you are looking to throw your hat in the ring. Nonetheless, you still have to be cautious and observe up-to-date trends to reduce your chances of making the wrong move that may cost you dearly.
