Despite the cryptocurrency industry featuring lots of opportunities for crypto traders and investors, not all of its assets are an equally attractive investment option at all times, which is why it might be a good idea to stay away from them, at least for the time being.
In this context, Finbold has analyzed the market, deploying various indicators, such as price action, recent developments (or lack thereof), and prominent crypto ratings, to arrive at the list of several cryptocurrencies that investors should consider avoiding in the week starting July 24.
Ordinals (ORDI)
The first on the list of the biggest losers is Ordinals (ORDI), the cryptocurrency operating on the Bitcoin (BTC) protocol and presenting information such as text and images as non-fungible tokens (NFTs) and tokens, which has seen a decline in value as the hype surrounding the BRC-20 tokens fizzled out.
At press time, the price of Ordinals stood at $6.91, recording a decline of 5.96% in the last 24 hours, as well as losing 9.42% across the previous seven days and dropping 8.61% on its monthly chart, as of the latest data on July 21.
GMX (GMX)
Meanwhile, GMX (GMX) has been recording losses on all of the observed time periods, despite its popularity among traders on decentralized exchanges and its team’s development efforts earlier this year, such as a partnership with decentralized finance (DeFi) oracles platform RedStone.
As things stand, GMX is currently changing hands at the price of $51.73, which represents a loss of 7.71% on the day, declining 13.74% over the past week, and dropping 1.56% across the previous month, as the most recent charts by Finbold indicate.
Pepe (PEPE)
In the meantime, meme cryptocurrency Pepe (PEPE) has taken a massive hit since its launch and initial popularity, raising concerns among investors, particularly as a number of new meme cryptos enter the market and steal its spotlight.
Despite its monthly chart flashing green, with a 42.08% gain, Pepe is currently recording losses on the day, declining 2.76% in the last 24 hours, as well as dropping 14.20% across the previous seven days, with its present price standing at $0.000001498.
Conclusion
All things considered, the above digital assets are going through some serious challenges that might not make them an ideal investment option for the time being. However, things can change quickly in this industry, which is why doing one’s own research is adamant.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
