EOS - Top 3 undervalued cryptocurrencies to avoid at all cost in 2022
Cryptocurrency prices have been punched in the face in 2022. On average, the price of most coins has fallen by more than 20% this year while the total market cap of all cryptocurrencies has slipped to more than $1.7 trillion.
This drop presents a good buying opportunity, especially for traders using dollar-cost averaging. However, not all coins are worth buying. So, in this article, we will look at the top 3 cryptocurrencies to avoid in 2022.
Ethereum Classic
Ethereum Classic ( ETC/USD ) is a blockchain platform that was born out of a hard fork of Ethereum. It is a platform that lets developers build decentralized applications (DAPPs) of all types. Ethereum Classic price has retreated by more than 23% this year and by more than 85% from its all-time high. Its market cap stands at $3.47 billion, making it the 38th biggest coin in the world.
There are three main reasons why you should avoid ETC at all costs. First, developers have avoided the network since its launch. The situation is so tough such that it is hard to see apps that have been built using its platform.
Second, ETC has lost its correlation with Ethereum. In 2021, there was a time when investors allocated funds to ETC because of its correlation with ETH. That correlation has almost ended. Finally, Ethereum Classic is facing strong competition from the likes of Solana and Avalanche.
EOS
EOS ( EOS/USD ) is one of the best cryptocurrencies to avoid in 2022. For starters, EOS is a blockchain platform that came out of Block.one’s initial coin offering. The ICO, which raised $4 billion was highly controversial such that the developers were forced to pay millions in fines.
EOS price has dropped by 85% from its all-time high, bringing its total market cap to $2.2 billion, making it the 56th biggest coin. There are two reasons why you should avoid investing in EOS.
First, EOS is a ghost chain that has not produced any notable application in more than 4 years. Second, the industry is seeing significant competition. Finally, Bullish, the exchange started by Block has not gained any traction.
Zilliqa
Zilliqa ( ZIL/USD ) is another cryptocurrency to avoid at all costs. It is a pioneering blockchain platform that introduced the concept of sharding, which divides blocks into shards in a bid to boost speed.
Zilliqa price has also crashed by over 80% from its all-time high while its ranking has crashed to 126. At its peak, ZIL was among the biggest coins in the world.
The main reason you should avoid ZIL is that other platforms have implemented sharding better than it did. They include Polkadot, Elrond, and NEAR. Therefore, there is little chance that Zilliqa will gain traction again.
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