There’s never any shortage of opinion in the world of cryptocurrencies and a pretty hot one landed on our desk this morning. A list of the 12 worst cryptocurrencies by Weiss Ratings has been released and it makes for pretty interesting reading. Read on, and we’ll pick out some of the key highlights from the report. All of the currencies mentioned received Weiss ratings of either D or E, meaning that they are viewed as either ‘weak’ or ‘very weak’ in the eyes of Weiss.
The numbers have not been kind to this particular cryptocurrency, which describes itself as a ‘fun, community-based project’. Magacoin enjoyed some very significant rises shortly after it made its debut at the end of 2017. Those gains have now been unwound and currently, Magacoin sits significantly below its initial value. The currency’s ‘another brick in the wall’ approach does, however, make it relatively hard to compare to more conventional cryptocurrencies so there is every chance that things could change as the market gets to know Magacoin better.
This is another cryptocurrency that has been bounced around in the recent market (although at the time of writing, Comet was up over 15% on the day, suggesting that the latest round of Weiss ratings haven’t done it any damage). Comet saw significant gains shortly after a late 2017 debut and then rapidly shed all of these in the early months of 2018 to end up back where it started. Sound a familiar story? This is a pattern repeated across almost all of the currencies Weiss has given a poor rating to - suggesting that they are simply following the market as a whole, rather than performing in a particularly poor fashion.
Weiss ratings are an interesting source of information for the novice investor but they change so often (and often so significantly) that it’s difficult to give them too much credence.
Source: https://www.youtube.com/watch?v=MkIJ4Uaa26M - Great Video By The Modern InvestorFeatured Image Source: Pixabay