Crypto analyst Rudy Fares lists 2 altcoins that investors should stay away from during the week starting May 22.
Altcoins to avoid next week and why
Filecoin (FIL)
The P2P storage network Filecoin (FIL) is facing challenges in terms of adoption and technological advancement. Its recent designation as a “securities” by the SEC further worsened its position. cryptocoin.com We have detailed the final decision surrounding Filecoin in this article.
During the negative news feed, the price of FIL is trading down more than 23.07% from last month. It is currently hovering in the $4.5 region where it has remained stable compared to the last 24 hours.
vomiting (KSM)
Kusama (KSM) often finds herself on “avoid for now” lists. Although it has shown some improvement in adoption and technological development compared to April, it is still significantly behind in these areas. Weiss Crypto Ratings is currently giving Kusama an ‘E’ rating as of May 19, indicating his weakness.
Kusama’s price has seen a modest 3.33% increase over the past seven days. However, the pre-production Blockchain version in the Polkadot (DOT) ecosystem is trending downwards. This decline resulted in a 26% monthly loss and resulted in a ‘D’ rating (“poor”) for market performance. Currently, Kusama is trading in the $25.5 zone.
Filecoin shows promise despite SEC-induced FUD
The FIL price was briefly lowered by the SEC letter that emerged during the week. On the other hand, the number of core developers of Filecoin has been growing steadily since its launch in 2014, in stark contrast to the bearish action of the FIL.
An interesting aspect of Filecoin’s growth trajectory has come to the fore by Blockchain analytics firm Token Terminal. The company emphasized that the number of core developers of Filecoin has grown steadily since its launch in 2014. In stark contrast to the FIL’s bearish movement over the same period, developers reported showing interest in the network.
Simply put, core developers design the security and architecture of Blockchain systems. A closer look at the data reveals that even in the last 30 days there is a clear discrepancy between development activity and the price of the asset.
Also, as the number of core developers increased, so did the number of code committed to Filecoin’s public GitHub repositories.
The encouraging response from the developers is due to Filecoin’s recently announced grant program, which aims to provide financial support to people who want to build on the network.
Altcoin bulls increase pressure on FIL
The latest FUD has affected speculative interest in the FIL as investors refrain from opening new trading positions. Data from Coinglass shows that Open Interest has dropped sharply over the past 10 days.
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