Avoid These 3 Crypto Coins in Your Trades This Month

• Cryptocurrency Market Faces a Setback with Bitcoin Falling Below $40,000
• Three Cryptocurrencies to Steer Clear of This Month
• Terra Classic (LUNC)
• VeChain (VET)
• Dogecoin (DOGE)

Cryptocurrency Market Faces a Setback with Bitcoin Falling Below $40,000

The cryptocurrency market experienced a downturn this week as Bitcoin$42,260 -0.64% dipped below the $40,000 level. Bitcoin had seen a surge earlier this year, reaching up to $48,500 following the approval of the Bitcoin ETF by the SEC. Prominent financial establishments such as BlackRock and Greyscale invested billions into Bitcoin. However, the excitement surrounding the Bitcoin ETF came to a halt, leaving Bitcoin standing at the $39,800 mark. This has imparted a negative effect on the broader cryptocurrency market, with numerous altcoins and meme coins also witnessing a decline. This article focuses on three cryptocurrencies that should be avoided for trading in the current scenario.

Three Cryptocurrencies to Steer Clear of This Month

Terra Classic (LUNC)

Taking an investment plunge into Terra Classic (LUNC) is considered the riskiest move in the present cryptocurrency market. The founder of the now-defunct Terraform Labs and Altcoin (LUNA), Do Kwon, has filed for bankruptcy in Delaware and is currently serving prison time for his role in the downfall of LUNA. Consequently, the odds of LUNC trending downward this month are high due to the trial and negative media coverage. For now, it is suggested to refrain from investing in LUNC as ongoing developments could potentially lower its price.

VeChain (VET)

VeChain (VET) has experienced minimal growth since the past year and has been on a descending path for over 12 months. Investors who indulged in VeChain in 2023 are now dealing with losses and a bleak prospect of a rally. Despite the Bitcoin ETF approval, VeChain hasn't been able to garner significant buying pressure this year, and it is struggling to rise up in the charts. With further downturn anticipated, it is advised to steer clear of VeChain.

Dogecoin (DOGE)

Dogecoin$0.091 -0.42% (DOGE), one of the poorest performers in the cryptocurrency market in 2023, continues to linger in that same status in 2024. Despite multiple mentions by Tesla CEO Elon Musk over the past 18 months, DOGE hasn't seen significant growth. The appeal of the popular meme coin appears to be fading, with less investor interest and lack of bullish sentiments. Therefore, Dogecoin is among the list of cryptocurrencies best avoided for now.

Edited by Jonathan Stoker