It’s certainly been a tale of two years for Wall Street. After losing a third of its value last year, the tech-centric Nasdaq Composite has rallied nearly 16% year to date, as of the closing bell on Feb. 7.
But this rally pales in comparison with what the cryptocurrency space has delivered in the new year. Thanks to sizable jumps in Bitcoin and Ethereum, the aggregate value of nearly 22,500 digital currencies has catapulted from approximately $795 billion to begin the year to $1.09 trillion, as of the very late evening on Feb. 7. That’s a 37% increase in value in less than six weeks, for those of you keeping score at home.
While the technology and application of blockchain technology clearly has investors excited, not all cryptocurrencies are going to be winners. Despite a phenomenal start to 2023, the following three cryptocurrencies can be avoided like the plague in February.
Image source: Getty Images.
Shiba Inu
Consistent with every list of digital currencies to avoid that I’ve posted over the past 18 months, meme coin Shiba Inu (SHIB 3.95%) leads off.
On one hand, Shiba…