The cryptocurrency space has been an exciting one in the past few years. Now, punters can deposit and withdraw money on their Vulkan Vegas accounts using these digital currencies. Though there have been coins that caused joy, you will also find those that caused sorrow. This article is about the cryptocurrencies that are likely to bring about losses in the long run. We focus on the ones that you shouldn’t buy or invest money in this year. Below are the digital currencies to avoid:
Get Gems
Launched in 2014, GetGems promised to revolutionize the social media landscape and received $111,000 in support for its growth. However, the cryptocurrency failed to gain momentum, and its prospects appear to have been overestimated. While it continues to operate as a platform that rewards users for viewing online ads, it has dropped many of its initial objectives. Consequently, it is considered one of the cryptocurrencies that could crash in 2023.
TerraUSD
While volatility is not uncommon in the crypto market, the recent collapse of algorithmic stablecoin TerraUSD (UST) had a profound impact on the entire sector. TerraUSD’s price fell significantly below its targeted US$1 peg, causing shockwaves. Additionally, Luna, the Terra blockchain’s native currency, fell by almost 97% within 24 hours until 4:30 pm ET on Thursday, May 12. This decline has caused it to be one of the top 10 cryptocurrencies that have lost everything without any signs of recovery.
SpaceBIT
Having received significant publicity in 2014, this cryptocurrency aimed to make electronic currencies accessible worldwide with ambitious plans, including launching nano-satellites to support its infrastructure. However, it has become one of the poorest-performing cryptocurrencies on the market today. There is a high likelihood it could crash in 2023.
Avalanche
AVAX is the native token of Avalanche, a smart-contracts platform headed by former Cornell professor Emin Gün Sirer. However, AVAX price has been declining as investors exit, contributing to the overall downward trend in the crypto market. The current dismal market mood has negatively impacted AVAX, causing it to fall 80% from its all-time high of US$146.22 in November 2021. Despite this, traders are still hoping to profit from the market.
Cardano
The Cardano price drop and lack of growth can be attributed to several factors. Firstly, the recent decline in the overall crypto market, caused by interruptions from the FED, has affected Cardano’s value. Additionally, competition from new and promising projects with better returns has diverted attention and investment from Cardano. These factors contribute to the bearish trend in Cardano and the broader crypto market. As a result, some predict that Cardano may experience a crash in 2023.
Solana
The objective of this blockchain protocol is to resolve the scalability issues that are present in existing blockchains. To achieve this, it uses the Proof of History method, which allows for up to 710 transactions per second. However, despite its innovative approach, the token associated with the protocol has struggled to gain traction and is now ranked thirty-third among cryptocurrencies based on market valuation. It is projected to decline even further in 2023. The token’s lack of adoption and market interest has hindered its success, despite its potential to address scalability problems. If significant improvements are not made to increase its utility and attract more users, it is likely that the token’s value will continue to decrease.
Algorand
In 2022, the number of users on the Algorand network hit a new high, with the network boasting the ability to handle one million daily transactions and up to 1,000 transactions per second through its proof-of-stake system. Algorand also hosts popular platforms such as Tinyman and Algodex, each with more than 1,000 users. Despite these achievements, the value of the coin has dropped by over 83% since January 1, 2023. While this decline could be attributed to market fluctuations or other factors, it should not necessarily be taken as an indicator of Algorand’s success or that of its hosted applications. It will be crucial to track the performance of Algorand and its associated coins over time to gauge their long-term viability and potential for growth.
IOTA
IOTA is a cryptocurrency that was made with the Internet of Things in mind. However, since its launch, it has been unable to get any serious traction in the market. Currently ranked as the 26th in the crypto market, the coin is predicted to depreciate a lot more in 2023. One of the issues with the coin may just be the platform it adopted. Instead of working on the normal blockchain network, it operates on tangle. People have found it difficult to embrace this new innovation, making it difficult for the coin to spread and gain popularity. Also, the adoption of the Internet of Things is not total yet. It might be a really long time before IOTA gets any leverage in the market.
Conclusion
It is important to mention that this is an educational piece and not financial advice. The world of crypto is one of volatility. Anyone of these cryptos could actually make a U-turn in the market and become the rave of the moment. However, all of the pointers indicate it is best to look over these coins at the moment.
