While the cryptocurrency market is full of assets of different shapes and sizes, with different services and appeal to investors, not all of them always present a good opportunity to invest. In fact, it may be wise to avoid investing in some of them, at least for now.
Finbold came up with a list of three such market participants that it might be a good idea to avoid for 1 week starting on May 22, based on indicators such as cryptocurrency ratings, price history, and recent developments regarding specific crypto assets.
Kusama (KSM)
Kusama (KSM), which regularly appears on 'avoid for now' lists, has slightly improved its adoption and technological development compared to April. However, it still remains 'very weak' in this department and received an 'E' rating from Weiss Crypto Ratings as of May 19.
The pre-production blockchain version of the Polkadot (DOT) ecosystem has continued its downward path leading to a loss of close to 26 percent on its monthly chart, despite registering a 3.33 percent increase in its price over the past seven days and is currently trading at $25.38. It received a 'D' grade ('weak') for market performance.
Mina Protocol (MINA) cryptocurrency
Meanwhile, Mina Protocol (MINA), which was on the list of cryptocurrencies that should be avoided in April, received an 'E', meaning 'very weak', grade in terms of its technological development and adoption, and this grade is slightly worse than the previously observed period.
The platform, which built a privacy-preserving gateway with the aim of becoming the world's first zero-knowledge (ZK) blockchain, received a 'D+' or 'weak' grade in terms of market performance, despite the optimism in its 2023 quarterly transparency report, falling approximately 26 percent compared to the previous month. It is currently trading at $0.57.
Filecoin (FIL)
Filecoin (FIL), a peer-to-peer file storage network, has an 'E+' score ('very poor') due to its adoption and technological development, positioning itself with a recent 'security' designation by the United States Securities and Exchange Commission (SEC). made it worse.
Despite the Filecoin Foundation strongly disagreeing with Filcoin being classified as a security, the price of FIL has continued to decline, losing more than 23.07 percent in the past month and changing hands at $4.45 as of press time.
Conclusion:
It is important to note that although the above crypto assets are not performing very well at the moment, this sector can often surprise an observer with some unexpected turns. Therefore, even these digital currencies could make a surprise comeback with some kind of positive development or announcement.
