3 cryptocurrencies to avoid trading for now
While there are many popular cryptocurrencies out there that would be a good buy, and even more that are worth keeping an eye on, it is sometimes wise to refrain from trading certain assets in the cryptocurrency sector, for one reason or another, on at least for now.
In this context, Finbold has analyzed the crypto market, taking into account the assessments (such as Weiss Crypto Ratings), historical performance and recent developments (or lack thereof) around some digital assets to arrive at the list of those that crypto traders and investors should avoid for now.
Matrix AI Network (MAN)
Despite the recent revival of interest in artificial intelligence (AI) technology, spurred by the popularity of OpenAI’s text-based platform ChatGPT, Matrix AI Network (MAN) has failed to capitalize on it or come close to its all-time high (ATH) ) of the $2 it had reached in May 2018.
At press time, MAN ranks 818th in terms of market capitalization and records a daily loss of 8.09%, as it changes hands at a price of $0.04. Despite accumulated gains of 8.61% during the week and 56.17% over the past 30 days, this crypto currently has a low E-score of Weiss Crypto Ratings due to its very weak adoption and progress.
PotCoin (POT)
Another cryptocurrency at press time that boasts an adoption (and technology) score as low as Matrix AI Network’s is PotCoin (POT), the token for the ecosystem that is “leading the legal cannabis revolution” and providing “blockchain payment technology and ecosystem solutions to empower the cannabis industry.”
Also rated as ‘high risk’ on the risk meter of the investment guide platform InvestorsObserverPotCoin is recording losses on all its charts, falling 16.26% in the last 24 hours, 6.64% in the last week and 15.33% in the last 30 days, at press time trading at $0.001565 .
Smart share (SSP)
With a market capitalization of $130,000, the Smartshare (SSP) protocol ranks 2056. among all digital assets, despite its promise to deploy blockchain “to evaluate and quantify the material value of all sharable objects, as well as to facilitate the exchange of dividing the value of all divisible objects.”
Also, SSP has a very weak adoption score, as only 36,779 addresses have this token in the network. At the same time, market performance is rated weak, changing hands at the price of $0.000013, down 7.12% on the day, 13.36% over the week and 7.11% over the past month, according to the data retrieved on March 3.
Conclusion
While it would be a good idea to avoid the aforementioned cryptos for now, the recent experience of the crypto market losing $50 billion in a single hour has shown that the situation can change dramatically very quickly, so it is important to observe market sentiment and do thorough research on any asset before investing.
Disclaimer: The content of this page should not be considered investment advice. Investment is speculative. When you invest, your capital is at risk.
