The cryptocurrency market is known for its volatility, with prices soaring to new heights and plummeting to new lows in a matter of days or even hours. Over the past two months, the crypto world has been in a consolidation phase, with many projects stabilizing after previous rallies. However, not all projects have fared well during this period. Some have reached their worst state, leaving investors with significant losses and a sense of uncertainty about the future. In this article, we list the 5 worst performing cryptos of October 2023.
Why Are Cryptos Down?
Cryptocurrencies are currently consolidating, which means that after a period of rapid growth or decline, they are now stabilizing and finding a new equilibrium. This consolidation phase can be attributed to various factors, both internal and external to the crypto market. The investing landscape is currently a tough one, with many investors adopting a wait-and-see approach.
Externally, the current economic situation in Europe is causing concern among investors. The continent is grappling with economic challenges, and this has a ripple effect on global markets, including the crypto space. Additionally, the ongoing Gaza-Israel war has added another layer of uncertainty. The geopolitical tensions and the potential implications of the conflict on the global economy are keeping crypto prices low. Investors are wary of the unpredictable nature of the situation and are thus hesitant to make significant moves in the market.
5 Worst Performing Cryptos of October 2023
#1 CARE (Care Token)
- Current Price: $0.0002
- Percentage Change: -98.67%
- About: Care Token is an ERC20 token that aims to be the forefront of charity and donations. It seeks to bridge the gap between charitable organizations and donors, ensuring transparency and efficiency in the donation process.
#2 MMT (MegaMT)
- Current Price: $0.0006
- Percentage Change: -98.12%
- About: MegaMT is a decentralized platform that focuses on creating a sustainable ecosystem for users. It offers a range of services, including staking, farming, and lending.
#3 UIP (UnlimitedIP)
- Current Price: $0.0021
- Percentage Change: -97.92%
- About: UnlimitedIP is a copyright-based intellectual property platform. It aims to provide a decentralized solution for IP registration, verification, and transaction.
#4 LOOM (Loom Network)
- Current Price: $0.0123
- Percentage Change: -97.23%
- About: Loom Network is a multichain interoperability platform that enables developers to build highly scalable and user-friendly dApps. It uses a DPoS sidechain to ensure fast and secure transactions.
#5 LYNK (Lynk)
- Current Price: $0.0009
- Percentage Change: -96.87%
- About: Lynk is a project that focuses on creating a decentralized system for data storage and sharing. It aims to provide users with a secure and efficient way to store and access their data without relying on centralized entities.
Cryptos to Buy Instead
When diving into the world of cryptocurrencies, it’s essential to focus on projects with a clear vision and strong fundamentals. A promising crypto should address a genuine problem and offer a unique solution. Before investing, take the time to understand the project’s objectives and its potential for long-term growth. It’s not just about current hype; the real value lies in the substance and purpose of the project.
Examples of Good Cryptos:
- Bitcoin (BTC): The pioneer of decentralized digital money.
- Ethereum (ETH): Introduced the revolutionary concept of smart contracts.
- Chainlink (LINK): Provides decentralized oracle services, bridging real-world data with the blockchain.
Where to Buy Cryptos
Purchasing cryptocurrencies can seem daunting for newcomers, but platforms like Bitpanda have made the process straightforward and user-friendly. Bitpanda is a reputable exchange known for its ease of use and security features. To buy cryptos on Bitpanda, simply follow these steps:
- Create an account on the Bitpanda platform.
- Verify your identity for security purposes.
- Deposit funds using your preferred payment method.
- Search for the desired cryptocurrency.
- Select the amount you wish to purchase and confirm the transaction.