Filecoin

Kusama

Although the <a href="https://finbold.com/category/cryptocurrency-news/" rel="noopener noreferrer nofollow">cryptocurrency market</a> is full of assets of various shapes and sizes, with different utilities and <a href="https://finbold.com/guides/investing/" rel="noopener noreferrer nofollow">investor</a> appeal, not all of them present an equally good opportunity to <a href="https://finbold.com/guide/what-is-investing/" rel="noopener noreferrer nofollow">invest</a> at all times. In fact, some might be wise to outright avoid <a href="https://finbold.com/guide/cryptocurrency-trading/" rel="noopener noreferrer nofollow">trading</a>, at least for the time being.Relying on indicators such as <a href="https://finbold.com/cryptocurrencies/" rel="noopener noreferrer nofollow">cryptocurrency</a> ratings, price history, and recent developments around specific <a href="https://finbold.com/guides/cryptocurrency/" rel="noopener noreferrer nofollow">crypto</a> assets, Finbold has arrived at the list of three such market participants that might be a good idea to avoid during the week starting May 22.<h2 id="header-0">Kusama (KSM)</h2>A regular sight in the ‘avoid for now’ lists, Kusama (<a href="https://finbold.com/cryptocurrency/kusama/" rel="noopener noreferrer nofollow">KSM</a>) has slightly improved its adoption and <a href="https://finbold.com/category/technology-news/" rel="noopener noreferrer nofollow">technological</a> development compared to April, but it still remains ‘very weak’ in this department, earning it an ‘E’ <a href="https://weissratings.com/en/crypto/coin/ksm" rel="noopener noreferrer nofollow">grade</a> from the Weiss Crypto Ratings as of May 19.Despite gaining 3.33% in its price in the last seven days, the pre-production <a href="https://finbold.com/topic/blockchain/" rel="noopener noreferrer nofollow">blockchain</a> version of the Polkadot (<a href="https://finbold.com/cryptocurrency/polkadot/" rel="noopener noreferrer nofollow">DOT</a>) ecosystem has continued on its downward path, which has led to a loss of close to 26% on its monthly chart, earning it a ‘D’ grade (‘weak’) for its market performance, as it currently trades at the price of $25.38.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/96d98a43e6c140de8221db773cb34510.png" />Kusama 30-day price chart. Source: <a href="https://finbold.com/cryptocurrency/kusama/" rel="noopener noreferrer nofollow">Finbold</a><h2 id="header-1">Mina Protocol (MINA)</h2>Meanwhile, Mina Protocol (<a href="https://finbold.com/cryptocurrency/mina-protocol/" rel="noopener noreferrer nofollow">MINA</a>), which was on Finbold’s list of <a href="https://finbold.com/3-cryptocurrencies-to-avoid-trading-in-april/" rel="noopener noreferrer nofollow">cryptocurrencies to avoid trading in April</a> as well, has scored an ‘E’ or ‘very weak’ <a href="https://weissratings.com/en/crypto/coin/mina" rel="noopener noreferrer nofollow">grade</a> for its technological development and adoption, which is slightly worse than during the previously observed period.Despite optimism in its 2023 quarterly <a href="https://minaprotocol.com/blog/mf-transparency-report-q1-2023" rel="noopener noreferrer nofollow">transparency report</a>, the platform building a privacy-preserving gateway with an aim to become the world’s first zero-knowledge (ZK) blockchain has received a ‘D&#43;’ or ‘weak’ score for its market performance, having dropped nearly 26% across the previous month, and is now trading at $0.57.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/4017fae7d62a456899ee9bccfb7ba041.png" />Mina Protocol 30-day price chart. Source: <a href="https://finbold.com/cryptocurrency/mina-protocol/" rel="noopener noreferrer nofollow">Finbold</a><h2 id="header-2">Filecoin (FIL)</h2>A peer-to-peer file storage network, Filecoin (<a href="https://finbold.com/cryptocurrency/filecoin/" rel="noopener noreferrer nofollow">FIL</a>) has an ‘E&#43;’ <a href="https://weissratings.com/en/crypto/coin/fil" rel="noopener noreferrer nofollow">score</a> (‘very weak’) on account of its adoption and technological development, exacerbating its position with a recent ‘security’ <a href="https://www.globenewswire.com/en/news-release/2023/05/17/2671509/0/en/Grayscale-Investments-Shares-Update-Regarding-Grayscale-Filecoin-Trust-Registration-Statement-on-Form-10.html" rel="noopener noreferrer nofollow">designation</a> by the United States Securities and Exchange Commission (<a href="https://finbold.com/topic/sec/" rel="noopener noreferrer nofollow">SEC</a>).Despite the Filecoin Foundation emphatically <a href="https://cryptoslate.com/filecoin-foundation-rejects-secs-classification-of-fil-as-security/" rel="noopener noreferrer nofollow">disagreeing</a> with the classification of Filcoin as a security, the price of FIL has continued to decline, losing more than 23.07% in the last month, as at press time, it was changing hands at the price of $4.45.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/f347b61684cb47e5bc99cc40daa7545e.png" />Filecoin 30-day price chart. Source: <a href="https://finbold.com/cryptocurrency/filecoin/" rel="noopener noreferrer nofollow">Finbold</a><h2 id="header-3">Conclusion</h2>Although the above crypto assets might not perform so well at the moment, it is important to remember that this sector can often surprise an observer with some unexpected turns. Therefore, even these digital currencies might make a surprise comeback with some sort of positive development or announcement.Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.Read more cryptocurrency news on<a href="https://finbold.com/category/cryptocurrency-news/?utm_source&#61;CMC&amp;utm_medium&#61;social&amp;utm_campaign&#61;CMC&amp;utm_content&#61;long" rel="noopener noreferrer nofollow"> Finbold.com</a>

3 cryptocurrencies to avoid trading next week

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