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3 cryptocurrencies to avoid trading for the week of March 13, 2023

3 cryptocurrencies to avoid trading for the week of March 13, 2023

Since the early days of the cryptocurrency industry, when Bitcoin (BTC) was the only digital asset in existence, the sector has exploded with tens of thousands of cryptocurrencies of all kinds, but not all of them are equally worth dealing with, at least for the time being.

In this context, Finbold has analyzed the crypto market, observing the score assigned by reputable platforms like the Weiss Crypto Ratings, assets’ historical performance, and recent developments, to arrive at the list of those cryptos that crypto traders and investors should avoid dealing with, at least not this week.

V.Systems (VSYS)

A blockchain infrastructure provider with a focus on database and cloud services, V.Systems (VSYS) promises to facilitate high-performance minting, transaction processing, and smart contract functions, but its technology and adoption are still very weak, granting it a low ‘E-’ score at the Weiss Crypto Ratings.

At press time, VSYS ranks 915th in terms of its market capitalization although it is recording daily and monthly gains of 5.06% and 52.32%, respectively, possibly due to the recent upswing in the market. On the other hand, it has lost 25.05% on its weekly chart, currently trading at the price of $0.002101.

V.Systems 7-day price chart. Source: Finbold

Ultrain (UGAS)

Another crypto recommended to stay away from this week is the UGAS token of the Ultrain ecosystem, which is constructing a sustainable commercial ecosystem enabling various industrial applications using innovations in cryptography to try and solve scalability and performance issues of other blockchain platforms. 

Unfortunately, its technology and adoption grade is still very low (only 4,000 followers on its community Twitter page), and its market cap places it at the 1,854th-place among all cryptos despite a fair momentum on the market, which has seen its price advance 14.65% over the week and 83.49% across the previous 30 days while losing 14.03% on the last day and trading at $0.001534.

Ultrain 7-day price chart. Source: Finbold

Tokenomy (TEN)

Aiming to foster financial inclusion and provide innovators with access to alternative funding networks through its token exchange and crowdfunding platform, Tokenomy (TEN) has ambitious goals, but so far, its slow adoption has earned it a very low score among all actively traded cryptos, although its team has recently announced a job ad for several tech roles.

The 998-th crypto by its market cap is currently changing hands at the price of $0.02167, up 3.17% over the last 24 hours but still declining 11.46% across the previous week and 19.82% over the past 30 days, as per the latest data retrieved by Finbold on March 11.

Tokenomy 7-day price chart. Source: Finbold

Conclusion

Although these cryptos should be avoided for now, the recent experiences of the changing sentiment and situation in the cryptocurrency market continue to remind us that things can change dramatically very quickly, which is why it is adamant to keep an eye out and do due diligence studying any digital asset before investing in it.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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