While there are many popular cryptocurrencies out there that would be a good buy, and even more that are worthy of keeping an eye on, it is sometimes wise to abstain from dealing with certain assets in the cryptocurrency sector, for one reason or another, at least for the time being.
In this context, Finbold has analyzed the crypto market, taking into account the ratings (such as the Weiss Crypto Ratings), historical performance, and recent developments (or lack thereof) surrounding some digital assets to arrive at the list of those that crypto traders and investors should avoid for now.
Matrix AI Network (MAN)
Despite the recent revival of the interest in artificial intelligence (AI) technology, spurred by the popularity of OpenAI’s text-based platform ChatGPT, Matrix AI Network (MAN) has failed to capitalize on it or get close to its all-time high (ATH) of $2 it had reached in May 2018.
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At press time, MAN ranks 818th in terms of its market capitalization and is recording a daily loss of 8.09%, as it is changing hands at the price of $0.04. Despite its accumulated gains of 8.61% over the week and 56.17% in the last 30 days, this crypto currently has a low E- score at the Weiss Crypto Ratings due to its very weak adoption and momentum.
PotCoin (POT)
Another cryptocurrency at press time boasting an equally low adoption (and technology) score as Matrix AI Network is PotCoin (POT), the token for the ecosystem that is “leading the legal cannabis revolution” and providing “blockchain payment technology and ecosystem solutions to empower the Cannabis Industry.”
Also ranking as ‘high risk’ on the risk gauge by the investing guide platform InvestorsObserver, PotCoin is recording losses on all of its charts, declining 16.26% in the last 24 hours, 6.64% in the past week, and 15.33% over the previous 30 days, at press time trading at $0.001565.
Smartshare (SSP)
With a market cap of $130,000, the Smartshare (SSP) protocol ranks as 2,056th among all digital assets, despite its promise to deploy blockchain “to evaluate and quantify the substantive value of all sharable objects, as well as to facilitate the exchange of sharing value of all sharable objects.”
Moreover, SSP has a very weak adoption score, as only 36,779 addresses hold this token in the network. At the same time, its market performance is graded as weak, changing hands at the price of $0.000013, down 7.12% on the day, 13.36% across the week, and 7.11% in the last month, according to the data retrieved on March 3.
Conclusion
While it would be a good idea to avoid the aforementioned cryptos for now, the recent experience of the crypto market losing $50 billion over the course of a single hour has shown that the situation can change dramatically very quickly, so it is important to observe the market sentiment and do a thorough research on any asset prior to investing.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
