April 19, 2024

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The Most Volatile Cryptocurrencies of 2024: Bitcoin, Maker, Solana, and More

In the ever-fluctuating world of cryptocurrency, where prices can soar to new heights or plummet to unforeseen lows, investors often find themselves navigating a volatile market. A recent study conducted by Bombastic has shed light on the most unpredictable digital currencies, providing insights into their extreme price swings over the past year.

The Research

The research analyzed price data for the top 100 cryptocurrencies by market capitalization, focusing on their volatility between the lowest and highest USD values over the 12 months leading up to Jan. 2024.

The Unrivaled Leader: Bitcoin (BTC)

Unsurprisingly, Bitcoin emerged as the most volatile cryptocurrency, experiencing a staggering $26,741 surge between its lowest and highest values. From $20,195 in Mar. 2023 to $46,936 in Jan. 2024, Bitcoin’s rollercoaster ride highlighted the extreme nature of the cryptocurrency market.

Close Seconds: Maker (MKR) and Ethereum (ETH)

Following closely behind Bitcoin, Maker and Ethereum claimed the second and third positions on the volatility scale. Maker’s value soared by 248%, reaching $2,144 from a low of $616 between June 2023 and Jan. 2024. Ethereum, with a price increase of over $1,000 in the last 12 months, showcased the turbulent journey of these leading altcoins.

Mid-Tier: Bitcoin Cash (BCH), BNB (BNB), and Solana (SOL)

Bitcoin Cash, Binance Coin (BNB), and Solana secured the fourth, fifth, and sixth spots, respectively, in price volatility. Bitcoin Cash tripled from $101 to $306 between June 2023 and July 2024, while BNB experienced a significant drop of $142.9 in just four months. Solana witnessed a rapid 736% change in six months, going from $14.5 to $121 between June and Dec. 2023.

The Wildcards: ORDI (ORDI), Bitcoin SV (BSV), Quant (QNT), and Aave (AAVE)

ORDI claimed the seventh position, boasting the greatest percentage change among the top ten, skyrocketing 27-fold from $3 in Sept. 2023 to $83 in Jan. 2023. Bitcoin SV took the eighth spot, more than quadrupling from $24.3 to $104 between June 2023 and Jan. 2024. Quant experienced the second-greatest dollar loss of $71.9, ranking ninth in volatility, while Aave rounded off the top ten with a doubling of its value from $50 to $118.9 between June and Dec. 2023.

Conclusion

The findings from Bombastic’s study provide crypto traders with valuable insights into the riskiest coins to invest in. With Bitcoin leading the pack, experiencing price changes exceeding $25,000 more than the next coin, these revelations underscore the importance of thorough research and risk management in navigating the turbulent cryptocurrency market.

By I&T Today

By I&T Today

Innovation & Tech Today features a wide variety of writers on tech, science, business, sustainability, and culture. Have an idea? Visit us here: https://innotechtoday.com/submit/

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