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5 cryptocurrencies to avoid trading next week

5 cryptocurrencies to avoid trading next week

Although the crypto market undoubtedly provides a tapestry of opportunities, it’s essential to acknowledge that not all digital assets share the same level of allure for potential investors.

Amidst this intricate backdrop, a discerning evaluation of the market conditions conducted on August 11 has led Finbold to identify 5 cryptocurrencies that might not hold enduring appeal for investors, particularly in the immediate future. 

Telos (TLOS)

TLOS, the native cryptocurrency of the smart contract blockchain Telos, carries the weakest grade on the rating platform Weiss Ratings of ‘E.’ The disappointing rating for TLOS is based on the crypto asset’s poor market adoption statistics, underwhelming performance, as well as the low potential to achieve critical goals.

At the time of publication, TLOS was trading at $0.092, up 2.78% in the past 24 hours, while losing more than 32% and around 35% on the weekly and monthly charts, respectively.

TLOS 1-month price chart. Source: Finbold

Algorand (ALGO)

In addition to its biggest decentralized finance (DeFi) protocol’s getting shut down recently, Algorand (ALGO) is also among blockchain projects that are poorly rated by Weiss. In particular, the crypto protocol is rated as ‘D’ on the platform, the second-worst coin rating, based on its D-rated tech adoption and market performance grade of D-.

Meanwhile, ALGO witnessed a tepid market performance recently, rising around 6% on the week and only 1% over the past month. In the last 24 hours, its price climbed by 1.1% to $0.11.

ALGO 1-month price chart. Source: Finbold

Meta (MTA) 

While at first, it might seem this cryptocurrency is associated with tech giant Meta Platforms (NASDAQ: META), there aren’t any links between the two. MTA is the mStable Governance token of the namesake decentralized stablecoin ecosystem. 

However, the token is rated as D- by Weiss due to its poor tech adoption and market performance grades.

The cryptocurrency was standing up 4.4% at $0.04 at press time. Meanwhile, the token rose 1.4% and 16% in the week and month, respectively. 

MTA 1-month price chart. Source: Finbold

Huobi Token (HT)

HT, the native crypto asset issued by the popular crypto exchange Huobi, has an overall crypto rating of only D+, based on its lackluster tech adoption grade of D+ and market performance of D. 

The crypto token has delivered an extremely volatile performance lately. HT is down across all recent time frames, dropping 0.2% on the day, 2.3% over the past week, and almost 5% on the monthly chart. 

HT 1-month price chart. Source: Finbold

Worldcoin (WLD)

Amidst much discourse, the Worldcoin (WLD) token experienced an initial surge in its price following its debut; however, this wave of excitement was short-lived.

This emerging cryptocurrency is grounded in a concept that has sparked controversy: the utilization of iris scans for user identity verification. This unique approach immediately seized the attention of regulators on a global scale, casting a shadow over the potential widespread acceptance of cryptocurrency.

An illustrative example lies in the actions of the Kenyan government, which took the decisive step of prohibiting Worldcoin from enlisting new users, citing apprehensions related to privacy. 

WLD is still unrated at Weiss, due to being a recently launched token. 

Worldcoin plunged more than 6% on the day, and lost almost 25% over the past week, 

WLD 1-week price chart. Source: Finbold

In a landscape defined by cryptocurrency’s volatility, maintaining vigilance and conducting thorough research before diving into investments remains paramount. Navigating the ever-evolving terrain requires adaptability and a commitment to staying informed, pivotal for making astute and well-grounded choices.

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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