2 Cryptocurrencies to Avoid,
The conventional wisdom is that most cryptocurrencies will tend to rise higher in a crypto bull market rally until they reach new all-time highs. While that might be the case for Bitcoin (CRYPTO: BTC), it's not necessarily true for other cryptocurrencies.
If you want to maximize the performance of your crypto portfolio, you'll need to know which cryptos to avoid and which ones to buy hand over fist. With that in mind, here are my top suggestions.
While Cardano (CRYPTO: ADA) is still a top 10 crypto on the basis of its whopping $15.5 billion market cap, it continues to lose ground to other cryptocurrencies. At the end of May, for example, meme coin Shiba Inu briefly surpassed Cardano in terms of market cap. If there's any crypto that has an annoying habit of trading flat for months at a time, it's Cardano. Investors keep waiting for a huge Cardano breakout rally past the $1 mark, but nothing ever seems to materialize
Unfortunately, the situation has not improved in 2024. Cardano is now down 27% for the year, and I'm struggling to find a potential near-term catalyst that might send this crypto higher. And trust me, I've tried. At first, I thought it might be decentralized finance (DeFi) and Cardano's embrace of smart contracts. And then I thought it might be artificial intelligence (AI), and Cardano's potential ability to attract high-profile AI crypto tokens to its blockchain.
But in both cases, I've been proven wrong, and now I won't touch Cardano with a 10-foot pole. Sorry, Cardano. It's not you, it's me.
Litecoin (CRYPTO: LTC) is another cryptocurrency that I'm actively avoiding these days. And that's really a shame, because Litecoin has a long track record that goes back almost as far as Bitcoin's. In fact, Litecoin was created with nearly the same source code as Bitcoin, and was designed by a former Google engineer to be a lighter, faster version of Bitcoin (hence the term "lite" in its name).
Unfortunately, it seems like every potential Litecoin catalyst in recent memory has been underwhelming. For example, Litecoin, just like Bitcoin, has a much-anticipated halving every four years. The halving cycles of these two cryptos are off by one year, and Litecoin actually had its halving last year.
And what have investors gotten since then? Nada. On the date of its third halving in August 2023, Litecoin was trading for $93. Today, nearly one year later, Litecoin is trading for just $80. It has actually lost value! I'm tired of waiting for Litecoin to show significant gains.