Three cryptocurrencies to avoid trading in March 2023
While there are many popular cryptocurrencies that would be a good buy and even more that are worth watching, it is sometimes prudent to avoid dealing with certain assets in the cryptocurrency sector, for one reason or another, at least for the time being.
Finbold has analyzed the crypto market in this context, taking into account ratings (such as the Weiss Crypto Ratings), historical performance, and recent developments (or lack thereof) surrounding some digital assets to arrive at a list of those that crypto traders and investors should avoid for the time being.
Matrix AI Network (MAN)
Despite the recent resurgence of interest in artificial intelligence (AI) technology, fueled by the popularity of OpenAI’s text-based platform ChatGPT, Matrix AI Network (MAN) has failed to capitalize on it or reach its all-time high (ATH) of $2, which it reached in May 2018.
At the time of writing, MAN is ranked 818th in terms of market capitalization and has a daily loss of 8.09%, trading at $0.04. Despite gains of 8.61% in the last week and 56.17% in the last 30 days, this cryptocurrency currently has a low E- score at the Weiss Crypto Ratings due to its very low adoption and momentum.
Despite its promise to deploy blockchain “to evaluate and quantify the substantive value of all sharable objects, as well as to facilitate the exchange of sharing the value of all sharable objects,” the Smartshare (SSP) protocol ranks 2,056th among all digital assets with a market cap of $130,000.
Furthermore, SSP has a very low adoption score, with only 36,779 addresses holding this token in the network. At the same time, its market performance is rated as poor, changing hands at the price of $0.000013, down 7.12% on the day, 13.36% over the week, and 7.11% over the last month, according to data retrieved on March 3.
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,” has an equally low adoption (and technology) score as Matrix AI Network as of press time.
PotCoin is also ranked as ‘high risk’ on the risk gauge by the investing guide platform InvestorsObserver, with losses on all of its charts, falling 16.26% in the last 24 hours, 6.64% in the last week, and 15.33% in the previous 30 days, trading at $0.001565 at press time.
While it is prudent to avoid the aforementioned cryptos for the time being, the recent experience of the crypto market losing $50 billion in a single hour has demonstrated that the situation can change dramatically very quickly, so it is critical to monitor market sentiment and conduct thorough research on any asset before investing.
The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.