The cryptocurrency market experienced a downturn this week following Bitcoin’s dip below the $40,000 threshold. Earlier in the year, BTC witnessed a surge, reaching a peak of $48,500 after the SEC greenlit the Bitcoin ETF. Notably, 11 major financial institutions, including BlackRock and Greyscale, made substantial investments in BTC, amounting to billions of dollars.
However, the enthusiasm surrounding the BTC ETF has subsided, and Bitcoin is currently valued at $39,800. This downturn has had a ripple effect on the broader cryptocurrency market, with various altcoins and meme coins also facing declines. This article will spotlight the top three coins that are advisable to avoid trading in the cryptocurrency markets this month.
Skip Trading These 3 Cryptos This Month
VeChain (VET) has seen little to no gains since the previous year and has been in a continuous decline for over 12 months. Investors who entered the market at any point in 2023 find themselves with losses and minimal prospects of a turnaround. VeChain has been unable to shake off its stagnant performance and faces challenges in making upward movements on the charts.
Despite the approval of the Bitcoin ETF, VET has not garnered sufficient buying interest this year, indicating a lack of catalysts to drive its price upward. Considering these factors, it is advisable to steer clear of VeChain, especially given its focus on the supply chain, as it appears to have further declines in the days ahead.
Dogecoin (DOGE) stands out as one of the poorest-performing cryptocurrencies in 2023, and this trend continues into 2024. Despite numerous tweets from Tesla CEO Elon Musk, DOGE has shown minimal signs of a significant rally over the past 18 months. The once-famed meme coin has lost much of its popularity, and investor interest in DOGE has dwindled. The coin no longer enjoys positive market sentiment, positioning DOGE as one of the cryptocurrencies that should be steered clear of.
Terra Classic (LUNC)
Entering the cryptocurrency market with an investment in Terra Classic (LUNC) is presently a highly risky move. The founder of the failed Terraform Labs and Altcoin (LUNA), Do Kwon, has filed for bankruptcy in Delaware. Kwon is currently incarcerated and undergoing trial for his involvement in the downfall of LUNA. Consequently, the outlook for LUNC this month appears unfavorable due to the ongoing trial and the negative publicity surrounding it. It is recommended to refrain from investing in LUNC at this time, as the unfolding developments may contribute to a potential decline in its price.