Despite overflowing with cryptocurrencies of all shapes and sizes with various levels of investment potential, the cryptocurrency sector still has some assets that might be a good idea to stay away from, at least for the time being, for one reason or the other.
In this context, using indicators such as the price history, ratings (like the Weiss Crypto Ratings (WCR), TokenInsight, and Wikirating’s Crypto Rating Index (CRI), and recent developments (or lack thereof) of crypto assets to arrive at the list of five that might be wise to avoid getting involved within the week of June 19.
Kusama (KSM)
Having become a regular sight in ‘to avoid’ lists, the token of Kusama (KSM), the pre-production blockchain version of the Polkadot (DOT) platform, continues to receive poor ratings, including an ‘E’ or ‘very weak’ from WCR, and a ‘CC’ grade from CRI, which refers to a ‘cryptoasset that is currently highly vulnerable’ to failure.
At press time, Kusama was changing hands at the price of $21.23, up 3.12% on the day but recording declines on both weekly and monthly charts of 17.89% and 16.89%, respectively, according to the recent information accessed on June 16.
ABBC (ABBC)
Positioning slightly better than Kusama, ABBC still remains at low desirability compared to the majority of assets, with a WCR score of ‘E+’ and a ‘B’ from both CRI and TokenInsight, which indicates that it is ‘more vulnerable’ in the near term than other lower-rated crypto assets although it ‘currently has the capacity to meet its commitments.’
Meanwhile, the price of ABBC at the time of publication stood at $0.15, which represents a drop of 5.32% in the last 24 hours, as well as a loss of 22.56% despite gaining 58.29% on its monthly chart, according to the most recent information.
Mina Protocol (MINA)
Another asset with an ‘E+’ grade from WCR, Mina Protocol (MINA) also has a low score of ‘CCC’ from CRI, suggesting it is ‘currently vulnerable and is dependent upon favorable business, financial, or economic conditions to remain valuable.’
As things stand, Mina Protocol is currently trading at the price of $0.41, demonstrating an increase of 3.58% on the day but declining 19.52% across the previous week and 28.20% in the last 30 days, as per data retrieved on June 16.
CoinEx (CET)
After crypto exchange CoinEx (CET) withdrew from the US market in February 2023, following a lawsuit filed by the New York Attorney General over an alleged securities fraud, its token has been going through some rough times too and currently has a score of ‘D-’ or ‘weak’ from WCR, as well as a ‘B’ from CRI.
Presently, the price of CoinEx amounts to $0.03, writing down a gain of 0.78% in the last 24 hours but drops of 5.87% across the past seven days and 9.91% over the previous month, as the latest charts, retrieved by Finbold, indicate.
Filecoin (FIL)
Amid the regulatory offensive in the US, Grayscale withdrew its application to list Filecoin (FIL), the cryptocurrency of the decentralized storage and payment system network, as a Trust Investment product, leading to the asset’s depreciation and a WCR rating of ‘D-’, as well as a ‘B’ from CRI.
In terms of price, Filecoin is currently changing hands at $3.61, which indicates an advance of 2.16% on the day, as well as a loss of 11.68% over the past week and 18.61% in the last month, according to the data retrieved by Finbold.
Conclusion
All things considered, crypto ratings are a solid pointer for the present capability of a digital asset to remain afloat amid the volatile crypto landscape. However, history has shown that things here can change rapidly so it is still of the utmost importance to do one’s own due diligence before buying or fully dismissing a cryptocurrency as an investment.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
Source: https://finbold.com/5-cryptocurrencies-to-avoid-trading-next-week/