Tens of thousands of cryptocurrencies of all kinds have emerged since the early days of the cryptocurrency industry, when Bitcoin (BTC) was the sole digital asset in use. But, not all of them are equally worthwhile dealing with, at least not right now.
To come up with a list of the cryptos that traders and investors in the space should steer clear of, at least this week, the Coin Aquarium team has studied the cryptocurrency market, taking into account the ratings given by reputable organizations like the Weiss Crypto Ratings, the historical performance of the assets, and recent developments.
V.Systems (VSYS)
A blockchain infrastructure provider with a focus on database and cloud services, claims to enable high-performance minting, transaction processing, and smart contract functions; however, because of its sluggish technology and adoption, it only received a 'E-' grade from the Weiss Crypto Ratings.
Although VSYS is currently showing daily and monthly gains of 5.06% and 52.32%, respectively, probably as a result of the recent market upswing, it is currently ranked 915th in terms of market capitalization. On the other hand, it is currently down 25.05% on its weekly chart and is priced at $0.00205882.
Ultrain (UGAS)
The UGAS token of the Ultrain ecosystem, which is building a sustainable commercial ecosystem and enabling various industrial applications using innovations in cryptography to try and solve scalability and performance issues of other blockchain platforms, is another cryptocurrency this week that is advised to be avoided.
Unfortunately, despite having a fair amount of momentum on the market—its price has increased by 14.65% over the past week and by 83.49% over the previous 30 days—its technology and adoption grade is still very low (it has only 4,000 followers on its community Twitter page) and its market cap ranks it 1,854th among all cryptocurrencies. On the last day, it lost 14.03% of its value and was trading at $0.00145828.
Tokenomy (TEN)
Tokenomy (TEN) has ambitious goals to promote financial inclusion and give entrepreneurs access to alternative funding networks through its token exchange and crowdfunding platform, but so far, its slow adoption has earned it a very low score among all actively traded cryptocurrencies, despite the fact that its team recently published a job ad for several tech positions.
According to the most recent information gathered by the team on March 11, the 998th cryptocurrency by market size is presently trading at a price of $0.02167414, up 3.17% over the previous 24 hours but still down 11.46% over the previous week and 19.82% over the last 30 days.
Implication
The recent experiences with the shifting sentiment and situation in the cryptocurrency market continue to remind us that things can change dramatically and very quickly. Despite the fact that these cryptocurrencies should be avoided for the time being, it is imperative to keep an eye out and conduct thorough research on any digital asset before investing in it.
Disclaimer: The author's personal view may be included in the information, which is subject to market conditions. Before making a cryptocurrency investment, do some market research. Your individual financial loss is not the responsibility of the author or the publisher.
