Altcoin
3 Altcoins to sell as the market fluctuates
Altcoins are moving sideways after yesterday’s rebound attempts. Several areas of the market are moving in this direction as bulls reposition during mid-week trading. Although slight gains were recorded at the time of writing, sentiment remained low following the days in the red zone. Last week, crypto assets posted steep losses, sending the market capitalization to its lowest in a month.
Macro factors led to the exit from Bitcoin as the price dropped below $61,000. This triggered a major sell-off in altcoins and meme coins that added to the decline in market capitalization. The total value of the cryptocurrency is $2.27 trillion compared to a previous figure of over $2.6 trillion. With the current fluctuations, traders are trying to reposition holdings. Here are 3 cryptocurrencies to sell this week.
Ripple (XRP)
Ripple is down 0.92%, while other major altcoins have made little gains in the market. XRP trades at $0.4751 with a market capitalization of $26.1 billion after weeks of negative trading. One of the main reasons why users consider XRP as part of the altcoins to sell is due to its slow recovery over the past 24 hours. Weekly numbers also plummeted by more than 4%, while monthly releases remain in double digits. Overall trading volumes also fell 16% to $887 million.
Polygon (MATIC)
Polygon continued its downward trajectory after weekly lows. The asset is trading at $0.555, a decline of 2.85% in the last 24 hours. Like Ripple, MATIC shows limited signs of recovery along with a 33% decline in trading volumes. Daily trading volumes fell to $179 million as bulls lose momentum. MATIC’s monthly data fell by 23%, erasing a significant portion of previous gains.
Shiba Inu
Meme coins were the most affected by the decline of the cryptocurrency market due to price volatility. Shiba Inu fell 2.3% in the past 24 hours, trading at $0.00001743. Weekly outflows into the asset have caused bullish activity to collapse, making it among the altcoins to sell for most users. Additionally, daily volumes stand at $260 million, a decline of 22%.
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David is a financial news contributor with 4 years of experience in Blockchain technology and cryptocurrencies. He is interested in learning about emerging technologies and has an eye for the latest news. Staying up to date on trends, David has reported in several niches including regulation, partnerships, cryptocurrencies, stocks, NFTs, etc. Away from the financial markets, David cycles and rides horses.