SEI: SEI has entered the world of cryptocurrency as a newly launched token on the Sei blockchain. The cryptocurrency made its debut earlier this week and has since seen an increase of about 2,000%. However, despite the sharp increase since its first day of trading, SEI has experienced significant fluctuations during this time. In particular, SEI has experienced an increase of approximately 3,100% at one point, meaning it has lost over 1,000% in gains in just a few days.
At the time of writing, SEI was trading at $0.16, down more than 15% in the past 24 hours. The cryptocurrency was launched on August 15th and has seen an increase of over 1,930% since then.
Bitcoin SV (BSV)
Bitcoin SV (BSV) is finding its place in the world of cryptocurrency as a hard fork of Bitcoin (BTC) created in 2018. Over the past few years, it has been criticized for its lack of innovation and controversial figures. Furthermore, BSV is not doing much to gain the trust of investors when it comes to its performance in 2023.
In particular, the cryptocurrency was trading at $29.20, down more than 6.7% during the day and over 18% on weekly and monthly charts. BSV has lost about 30% since the beginning of the year, making it one of the worst-performing cryptocurrencies among the top 100 by market value.
IOTA (MIOTA)
IOTA (MIOTA) represents the technology designed for machine-to-machine (M2M) payments. Despite the initial excitement around this blockchain, IOTA has been frequently criticized for its scalability issues and vulnerability to attacks.
In addition, the cryptocurrency has been in the red this year across all timeframes. At the time of writing, MIOTA was trading at $0.14, down over 6.6% during the day, more than 15.3% in the past week, and over 21% in the last 30 days. MIOTA has dropped over 41% in the past 6 months.
NEO (NEO)
NEO (NEO), a cryptocurrency of a blockchain developed to support smart contracts and decentralized applications, has become part of this list mainly because it has been on a downward trend for the past few years. However, betting on a cryptocurrency that continues to lose significant value can be considered a highly risky game.
At the time of writing, NEO was trading at $7.01, down 9.5% in the past 24 hours. The cryptocurrency has lost over 17% on a weekly basis and over 22% in the past month. Last year, NEO’s price dropped by 35.6% and lost more than $240 million in market value during this 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 to make mining more accessible for individual miners by using a different algorithm.
However, BTG is seen as one of the riskiest cryptocurrencies to invest in due to its high volatility. According to CoinCodex data, BTG’s volatility, which measures the 30-day change in the price of a cryptocurrency, is over 8%, indicating a significantly high figure.
At the time of writing, BTG was trading at $13.4, down 3.8% during the day. The cryptocurrency has dropped by 8.5% on a weekly basis and 1.4% on a monthly basis. BTG lost over 53% last year and performed better than more than 75% of the top 100 cryptocurrencies during this period.
Conclusion
Considering their history of extreme volatility and consistent underperformance, these cryptocurrencies may not be the most suitable investment options for the next week, especially given the current market sensitivity.
It would be wise to be cautious and avoid investing in these cryptocurrencies at the moment. However, it is important to stay vigilant as the cryptocurrency world can undergo rapid and drastic changes that require constant monitoring.
