The cryptocurrency industry is bustling with digital assets of all shapes and sizes, providing various opportunities for investors to earn income from trading them. However, there are also some that might be wise to avoid trading, at least for the time being.
Using indicators such as ratings (like the Weiss Crypto Ratings), historical price trends, and recent happenings (or lack thereof) surrounding certain cryptocurrencies, Finbold has arrived at the list of three digital assets that might be a good idea to avoid in May.
ABBC (ABBC)
ABBC (ABBC), which was on Finbold’s list of cryptocurrencies to avoid trading in April as well, continues to build upon its unimpressive results despite promising developments in previous years, such as the launch of the Aladdin Wallet and the crypto payment shopping mall Buyaladdin.
As things stand, the coin’s technology and adoption score remains a low ‘E-,’ which refers to ‘very weak’ in terms of digital assets, whereas its market momentum has a ‘C’ score, rated as ‘good,’ thanks to the positive, albeit very choppy, results over the last week (5.18%) and last month (37.95%), with the minuscule daily gain of 1.85%, currently trading at the price of $0.1.
Dero (DERO)
The Dero (DERO) project burst into the crypto field with confidence and enthusiasm, announcing itself as ‘the most technologically advanced smart contract platform out there,’ but its progress now seems to be lagging, giving it a ‘very weak’ score of ‘E-’ in terms of technology and adoption.
On the other hand, its market momentum is graded as ‘excellent’ with a ‘B’ score, thanks to the monthly growth of its price by 21.66%, but which is stunted by the 4.32% loss on its daily chart and a 10.84% decline across the last week, at press time changing hands at $7.24.
Kusama (KSM)
Kusama (KSM) is another cryptocurrency from the last month’s list, which clearly hasn’t improved its condition much since then, despite a brief bullish recovery in the last week that has seen the price of the pre-production blockchain version of the Polkadot (DOT) ecosystem grow by nearly 16% at the time.
Similarly like the last month, its adoption and technological development still have a ‘very weak’ rating with a slight improvement to ‘E’ from the earlier ‘E-’ score, while the asset’s market performance has retained the same ‘weak’ score of ‘D+,’ having declined 0.49% on the day and 8.33% across the week, but gained 0.41% over the month, and trading at $31.5.
Conclusion
All things considered, it is important to remember that the crypto market has a habit of surprising the observer with some unexpected turns. With this in mind, even the above-mentioned cryptocurrencies could equally make a surprise comeback, despite not looking so at the moment.
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/3-cryptocurrencies-to-avoid-trading-in-may/