The crypto market has been back on an uptrend for the past 2 to 3 weeks. This means that many small investors are reconsidering whether and in which cryptocurrencies they want to invest. There are relatively “safe” coins such as Bitcoin or Litecoin, but also very high-risk cryptocurrencies. What are the riskiest cryptocurrencies to invest in from the biggest ones? Let’s talk about the top 3 risky cryptos that you should be aware of.
Where do Cryptocurrencies stand in early 2023?
In the past few weeks, most cryptocurrency prices have seen a major surge. The Bitcoin price has risen from $16,500 at the turn of the year to over $21,000 in the past few days. Ethereum also saw a similarly strong percentage increase. Many other altcoins saw even stronger percentage increases.
It has stabilized in the last few days. We are now at a point where we were price-wise (in Bitcoin) before the famous FTX crash in November 2022. Momentum is on the upside but could be held back by resistance in Bitcoin price at $21,000 in the next few days.
What distinguishes Risky Cryptos?
High-risk cryptocurrencies are coins that, in theory, could bring extremely strong increases. However, there is also a high risk that these coins could either lose massively in price or even implode in value completely in the coming weeks and months.
On the other hand, these high-risk cryptocurrencies also offer a certain chance that their value could rise sharply. Their price is particularly heavily based on speculation. This allows high profits to be achieved in the short term. However, many investors have already lost a lot of money with such investments.
Top 3 Risky Cryptos
1. XRP coin
The XRP coin is part of the Ripple payment network and saw extremely strong hype, especially at the turn of the year 2017/2018. In the meantime, however, Ripple’s legal dispute with the American stock exchange supervisory authority SEC is over the coin. Should Ripple lose this lawsuit, the XRP course could implode. However, a victory in the lawsuit could result in a price explosion. Therefore, we currently see the XRP coin as number 1 when it comes to “high-risk cryptocurrencies”.
2. Shiba Inu Coin
The Shiba Inu Coin is the second largest meme coin and started out as a parody of Dogecoin. In 2021 he saw extreme price increases in a very short time. But investors who bought late suffered losses. Because it is in the nature of meme coins that they are extremely volatile and the price can quickly plummet again.
3. Dogecoin
Dogecoin is the first meme coin ever and started as a parody of Bitcoin. It has since had multiple bull markets and even a bear market. This means that Dogecoin has proven itself longer than the Shiba Inu Coin. Still, the coin is highly volatile and can see both extreme rises and extreme drops in value.
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Source: https://cryptoticker.io/en/top-3-risky-cryptos-jan-23/