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Avoid these three cryptocurrencies next week
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Avoid these three cryptocurrencies next week

Oct 20, 2023

Although the majority of cryptocurrencies have recently started to see gains following the news of the United States Securities and Exchange Commission (SEC) dropping its case against Ripple's blockchain company executives, there are still some digital assets that have not yet experienced this positive impact.

Indeed, Finbold has conducted research into the recent performance of the cryptocurrency market, analyzing price movements, developments, and risk factors to identify several digital assets that may not be advisable for trading in the upcoming week or at least in the near future.

WEMIX (WEMIX)

WEMIX (WEMIX), the cryptocurrency associated with a network aiming to establish a decentralized blockchain protocol focused on experience-based, platform-driven, and service-oriented applications within a Web 3.0 ecosystem, currently lacks significant developments to attract investor interest. As a result, it may be wise to avoid trading it in the coming week.

At the time of writing, WEMIX was trading at $0.83818, reflecting a 3.31% daily decline and a 14.43% drop over the past week, despite a 3.66% increase in the last month, according to the most recent data obtained by Finbold on October 20.

Conflux (CFX)

Despite its team's commitment to delivering a more scalable, decentralized, and secure public blockchain compared to existing protocols, Conflux (CFX) cryptocurrency may not present an appealing investment opportunity in the week ahead, primarily due to the absence of updates regarding the network's progress.

Furthermore, it has experienced an 8.38% decline over the past seven days and a 17.70% loss on its monthly chart, despite a 1.53% gain in the last 24 hours due to general market optimism. Its current trading price is $0.11, based on the latest available data.

STP (STPT)

Finally, STP (STPT), the native token of the platform dedicated to building and scaling an identity layer for Autonomous Worlds by providing essential infrastructure, platform tools, and data indexing, has yet to capture widespread attention with significant advancements.

Currently, its price is $0.0619, marking a 5.18% daily decline, while most other cryptocurrencies are advancing. This adds to a 5.78% drop on its weekly chart, although it recorded a 12.30% gain over the previous month, as indicated by the latest charts.

Conclusion

In summary, while it may be advisable to avoid investing in the aforementioned cryptocurrencies in the upcoming week, market sentiments can change. Therefore, it is crucial for investors to conduct their own thorough research and assess risks before committing a substantial amount of capital to any digital asset in the market.

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