What Cryptocurrencies Do You Need To Get Rid Of Right Now?

Cryptocurrencies

The cryptocurrency market has once again entered a bullish cycle. Many investors buy USDT as an on-ramp to the market and start trading with promising cryptocurrencies to make profits. 

With that said, even though you can hardly go wrong in such bullish cycles there are still some cryptocurrencies that are best avoided altogether. In this article, we take a look at some of the main reasons why cryptocurrencies are such interesting assets to invest in. 

We also explore some important characteristics that you should be aware of prior to purchase. And finally, we will provide you with a list of 6 of the worst altcoins that you should be selling right now and focusing on more promising projects. Let’s get started!

Why invest in cryptocurrencies? 

Cryptocurrencies are incredibly versatile assets. Most of them have dozens of use cases and contribute to the decentralization of the traditional financial system. People choose to invest in them because of their increasing value over time, but also because they provide many opportunities for passive income

Furthermore, many projects aim to innovate and improve countless industries, including supply chain, finances, healthcare, pharmacy, and many more. 

All in all, cryptocurrencies are here to stay. They might have started out as a fad, but are today considered as high-performing assets that have their place in everyone’s portfolio. 

What should you look for in a cryptocurrency before investing?

Below are some of the main characteristics you should be looking for in a cryptocurrency prior to investing in it. This should help you differentiate the good and promising projects from the bad apples. 

  • The technology used – includes the consensus mechanism as well as the different capabilities of the blockchain. For instance, we are now seeing the third generation of scalable cryptocurrencies emerging. They allow us to create entire ecosystems of parachains that can seamlessly interoperate. 
  • Concept and innovation – does the coin bring something new to the table or does it simply copy already proven concepts? 
  • The team behind the project – who are the people that have created the cryptocurrency? Are they known or anonymous? If it’s the former, have they been involved in previous projects and how did they perform? 
  • Maximum supply and distribution model – how many coins are there on the market and how were they distributed to the users? For instance, if there’s a concentration of supply to top holders, this could be a concern for the price of cryptocurrencies further down the road. 

The bearish list – 6 cryptocurrencies to avoid 

Below is the list of our least-favorite cryptocurrencies for this second half of 2021. While they still might perform decently, most of them couldn’t hold a candle to other, more innovative, and promising projects. 

Bitcoin SV

Bitcoin SV is a fork of Bitcoin Cash, which is a fork of Bitcoin itself. The coin came to be when Craig Wright wanted to increase the block sizes of the Bitcoin Cash chain even further to provide better scaling. 

This solution was deemed suboptimal because of the huge size the blockchain would grow to. It would make running a node almost impossible without specialized hardware. As a result, the Bitcoin SV coin has slowly been bleeding value, and not even the recent market rally has been able to help it recover. 

Meme coins

While meme coins are fun to play with, they have no fundamental value whatsoever. DOGE, SHIB, and many other rely strictly on the hype for their prices to grow. While they can make incredible gains in short amounts of time, they also crash shortly thereafter, leaving investors holding the bag. 

EOS

EOS was one of the most hyped-up projects of the ICO craze of 2017. Proclaimed as an Ethereum killer, it rose up in the ranks and held its spot in the top 10 firmly for years. However, the project never really picked up, and developers preferred to remain developing on Ethereum. 

Internet Computer 

Praised to be a super-innovative project that would bring a global supercomputer to the masses, ICP’s value pumped x400 just after release. However, promises were empty and it appears that this was nothing more than a pump and dump scheme. 

Revain 

Revain is a review platform for cryptocurrencies, with the goal to provide objective feedback to developers about their projects. With that said, the coin was popular in 2018, but that’s about it. Today, it was one of the rare cryptocurrencies to not be affected by the bullish rally in the markets. Its price continues plummeting, where the rest of the market is going up. 

Wrap-up

Investing in crypto can be quite challenging if you don’t know what to look for in a project. Hopefully, our article gave you some good tips on how to analyze tokens before you trade them. More importantly, our list should keep you away from scammy, dead-on-arrival projects that are already past their prime. 

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