It is no longer news that the prices of cryptocurrencies including Bitcoin and altcoins have really gone down recently. The crypto industry is in a difficult time which has raised concerns about the future of these digital assets.
Many experts still believe this is the time to invest in digital assets. This is seen as a case for averse-risk takers because many altcoins are already fizzling out.
In this post, we’ll look at the top altcoins you shouldn’t consider buying if you are not an averse-risk taker. These are cryptocurrencies that are having a more difficult time today. It is better you’d look elsewhere than buy a token whose company is under fire. Before checking them out, let’s know about altcoins.
What are Altcoins?
Altcoins are cryptocurrencies other than the most popular Bitcoin. They are derived from Bitcoin, so they have things in common even though they have their differences.
While both altcoins and Bitcoin use blockchain technology, these digital assets can vary in their purpose, features and operation.
The word ”Altcoin ” is formed by combining two words i.e. ”alternative” and ”coin” which, therefore, includes all alternatives to bitcoin. Today, there are over 15,000 cryptocurrencies other than Bitcoin which are all referred to as Altcoin.
In fact, the number of cryptocurrencies other than Bitcoin has numbered up to 20,000 despite the volatility in the industry today.
What are Small-Cap Altcoins?
Small-cap altcoins are also referred to as shitcoins. They are tokens or coins other than Bitcoin that are very risky for investment. They have a small market capitalization which gives them the tag ‘small-cap’.
These small-cap altcoins have little or no value. They are created as a copy of an existing cryptocurrency or an entirely new project.
Some of these tokens include SafeMoon, Bonfire, Hashgraph Hedera, Phantasma, Aragon, and so on.
Top Altcoins You Can’t Buy in 2022
The latest crypto crash has brought a lot of questions concerning the authenticity of cryptocurrencies. The crypto melt down is affecting many crypto projects and their tokens. Here are some of the top altcoins you can’t buy at the moment.
1. Shiba Inu (SHIB)
Shiba Inu is one of the biggest altcoins in the crypto industry- it is the second largest memecoin only behind Dogecoin.
The Japanese Shiba Inu dog-themed token has tumbled almost 13 per cent in the last few hours, back into the red on a weekly basis. SHIB plunged to $0.000009699 in June from $0.00001108. As at the time of writing, SHIB’s price is $0.000010 USD.
The total market of Shiba Inu was a little over $5.7 billion, with volume remaining flat as coins worth $505.65 million exchanged hands in the last 24 hours. A large amount of SHIB were burnt and removed from circulation by moving them to unspendable wallets to be locked permanently.
The Shiba Inu tokens have also been removed by Crypto.com from its crypto Earn Rewards program. This is seen as a big issues by the holders of the second largest meme coins.
2. Celsius (CEL)
Celsius (CEL) is an all-in-one banking and financial services platform for cryptocurrency users. Launched in June 2018, it offers rewards for depositing cryptocurrency, along with services such as loans and wallet-style payments.
The Celsius network is currently in a liquidity crisis with the recent meltdown not helping matters. In fact, there has been rumors that it’s CEO, Alex Mashinsk tried to flee the U.S. The company’s spokesperson has however debunked the rumors and added that the firm is working on restoring liquidity.
As of the time of writing, the price of Celsius is $0.653951 USD with a 24-hour trading volume of $18,349,198 USD. Celsius is down 13.24% in the last 24 hours and is currently ranked 146th among other thousands of altcoins.
3. Harmony (ONE)
Harmony is a blockchain platform designed to facilitate the creation and use of decentralized applications (DApps). The network is currently trying to get back stolen funds from hackers. A total of 18,036.3 Ether (ETH), worth about $21 million, was moved out of the Horizon Bridge recently.
These funds were then divided equally three ways and sent to three different addresses in single transactions, respectively. Although the initial haul was valued at about $100 million at the time, positive ETH price fluctuations have increased the dollar value to $101.5 million.
The network’s native token, ONE is currently selling at $0.018290 USD with a 24-hour trading volume of $51,278,687 USD.The number 120nd ranked crypto asset by CoinMarketCap is down 0.38% in the last 24 hours.
4. Terra (LUNA)
The collapse of the Terra issued tokens, LUNA & UST had a big influence in the current crypto meltdown. An investigation by some financial watchdogs into the collapse of LUNA and UST has been traced to the Terra company.
There was a wipeout of nearly $40 billion in market value after the LUNA-UST collapse. In fact, investigations are still ongoing about the collapse. Co-founder, Do Kwon has been alleged of being involved in the sudden collapse of the company’s digital assets. Anonymous, a popular hacktivist group has also revealed that Do Kwon cashed out $80 million each week before LUNA’s collapse.
Terra Classic, LUNC is the latest from Terra’s camp. The current price is $0.000123 USD with a 24-hour trading volume of $665,821,320 USD.
LUNC is ranked number 210-a huge fall from LUNA’s top 20 spot. LUNC is down 23.53% in the last 24 hours. It has a live market cap of $804,135,273 USD.
Is it safe to buy other cryptocurrencies?
Cryptocurrency in general is still considered a very risk investment when compared to other forms of investment. It is more risk considering the current situation in the crypto space.
BTC has 75% comedown from $69,000 highs in November 2021. Today, the price of BTC is more than three times its all-time high.
Ether, the second-largest cryptocurrency after Bitcoin, dropped by more than 80% to $880 lows during the ongoing bear cycle. Other top altcoins like Cardano, Solana, Polkadot, etc are not left out.
Simultaneously, the entire crypto market lost $2.25 trillion in the same period, hinting at large-scale demand destruction in the industry.
Averse-risk takers are however still buying top cryptocurrencies like Bitcoin, Ethereum & Stablecoins. Experts have stated that projects with healthy adoption rates and real users could come out on top in the wake of a potential global economic crisis. Therefore, the top crypto assets can be considered.
Also Read– How To Analyze Altcoins Before Investing In Them
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