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3 cryptocurrencies to avoid trading next week

3 cryptocurrencies to avoid trading next week

Although the cryptocurrency market is full of assets of various shapes and sizes, with different utilities and investor appeal, not all of them present an equally good opportunity to invest at all times. In fact, some might be wise to outright avoid trading, at least for the time being.

Relying on indicators such as cryptocurrency ratings, price history, and recent developments around specific crypto assets, Finbold has arrived at the list of three such market participants that might be a good idea to avoid during the week starting May 22.

Kusama (KSM)

A regular sight in the ‘avoid for now’ lists, Kusama (KSM) has slightly improved its adoption and technological development compared to April, but it still remains ‘very weak’ in this department, earning it an ‘E’ grade from the Weiss Crypto Ratings as of May 19.

Despite gaining 3.33% in its price in the last seven days, the pre-production blockchain version of the Polkadot (DOT) ecosystem has continued on its downward path, which has led to a loss of close to 26% on its monthly chart, earning it a ‘D’ grade (‘weak’) for its market performance, as it currently trades at the price of $25.38.

Kusama 30-day price chart. Source: Finbold

Mina Protocol (MINA)

Meanwhile, Mina Protocol (MINA), which was on Finbold’s list of cryptocurrencies to avoid trading in April as well, has scored an ‘E’ or ‘very weak’ grade for its technological development and adoption, which is slightly worse than during the previously observed period.

Despite optimism in its 2023 quarterly transparency report, the platform building a privacy-preserving gateway with an aim to become the world’s first zero-knowledge (ZK) blockchain has received a ‘D+’ or ‘weak’ score for its market performance, having dropped nearly 26% across the previous month, and is now trading at $0.57.

Mina Protocol 30-day price chart. Source: Finbold

Filecoin (FIL)

A peer-to-peer file storage network, Filecoin (FIL) has an ‘E+’ score (‘very weak’) on account of its adoption and technological development, exacerbating its position with a recent ‘security’ designation by the United States Securities and Exchange Commission (SEC).

Despite the Filecoin Foundation emphatically disagreeing with the classification of Filcoin as a security, the price of FIL has continued to decline, losing more than 23.07% in the last month, as at press time, it was changing hands at the price of $4.45.

Filecoin 30-day price chart. Source: Finbold

Conclusion

Although the above crypto assets might not perform so well at the moment, it is important to remember that this sector can often surprise an observer with some unexpected turns. Therefore, even these digital currencies might make a surprise comeback with some sort of positive development or announcement.

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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