As the fifth month of 2023 is concluding and June approaches, the majority of assets on the cryptocurrency market are turning a greener leaf. However, among over 25,000 cryptocurrencies, it makes sense that not all of them are a good idea to invest in, at least for the time being.
Therefore, taking into account various crypto ratings, historical price trends, and the latest developments (or lack thereof), Finbold has managed to arrive at the list of three digital assets that might be wise to avoid getting involved with in June 2023.
Kusama (KSM)
Unfortunately for Kusama (KSM), it continues to make an appearance on the ‘to-avoid’ lists primarily due to its low ratings, which according to Weiss Crypto Ratings (WCR), stand at ‘E-’ or ‘very weak’ in adoption and technology and a ‘D+’ or ‘weak’ in market performance (average grade is ‘E’). At the same time, the asset has a ‘CC’ rating from Wikirating’s Crypto Rating Index (CRI), which indicates it is ‘currently highly vulnerable’ to failure.
As things stand, Kusama is currently changing hands at the price of $26.32, demonstrating an increase of 2.30% over the last day and 3.97% during the previous week, powered by the news of the first connection with Polkadot (DOT) via Cosmos IBC, although it has declined 16.47% on its monthly chart, as per the data retrieved on May 29.
Mina Protocol (MINA)
Another repeat offender with low ratings is Mina Protocol (MINA), to which Wiki’s CRI has awarded a ‘CCC’ score, suggesting that this crypto asset is ‘vulnerable and dependent upon favorable business, financial, and economic conditions to remain valuable,’ whereas WCR has given it an ‘E’ or ‘very weak’ score in terms of tech/adoption and ‘D+’ for market performance (average grade of ‘E+’).
Despite announcements of a new zero-knowledge (ZK) proof-powered regulatory compliance tool for the decentralized finance (DeFi) and Web3 spaces, MINA has accumulated a loss of 15.67% over the previous 30 days, although the recent crypto market positivity has pushed its price upward by 0.52% in the last 24 hours and 1.29% across the week.
Bitcoin Gold (BTG)
Meanwhile, Bitcoin Gold (BTG) has earned a ‘CC’ score (‘highly vulnerable’) from both Wikiratings and TokenInsight, while WCR has given it a ‘C-’ grade or ‘fair,’ which the investors may interpret as ‘avoid’ or ‘hold,’ with a ‘C’ in tech/adoption and a ‘D+’ or ‘weak’ for its market performance, as at press time, BTG was trading at the price of $13.47.
According to this price, BTG, which is one of the forks of the flagship DeFi asset – Bitcoin (BTC) – and has introduced a new mining protocol using basic GPUs, is recording an increase of 4.70% on the day and 2.03% across the previous week, as it’s writing down losses of 8.52% over the past month.
Conclusion
Although ratings can give a pretty good idea of which digital assets are the riskiest to invest in at the moment, it is important to remember that things can quickly and easily change in this sector depending on various factors, which is why doing one’s own due diligence and thoroughly researching an asset is crucial before purchasing it.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
