Altcoin
3 Altcoins to Sell During Cryptocurrency Market Correction
The cryptocurrency market has seen minor corrections with altcoins and meme tokens moving sideways. Wider losses are triggered by a loss of confidence after Bitcoin’s price fell below $70,000. Bitcoin trades at $66,991, down 1.1% in the past 24 hours, bringing weekly outflows to 6%. This decline from previous resistance levels above $70,000 has influenced investors in the market.
Outflows from altcoins have lowered the cryptocurrency market capitalization to $2.44 trillion as the weekly position plunges into the red zone. Altcoin leaders posted gains over the past 24 hours, but a number of other assets maintained outflows. Although bulls expect a rebound, short-term losses have stalled asset growth. Here are the altcoins to sell amid market losses.
Cardan (ADA)
Nicknamed community ETH killer we have seen outflows this week as daily losses continue. ADA fell 2.3% in the past 24 hours and a broader 14.53% this week. Daily trading volumes for the asset plunged 32% due to falling sentiment. Cardano price is trading at $0.4127 with bulls attempting to push the asset above the $0.5 resistance level. ADA’s consistent outflows place it among the altcoins to sell amid short-term losses.
Ripple (XRP)
Ripple lost momentum in the first quarter of 2024, although prospects for the asset abound. Daily losses continue to mount for XRP following the decline of the altcoin market and regulatory issues with the Securities and Exchange Commission (SEC). Today the asset fell by 1.9% to trade at $0.478, while daily volumes are in the 14% red zone. Ripple bulls are also looking for a short-term push above $0.5 and a long-term rally above $1 should market sentiments change.
Solana (SOL)
Solana trades at $144.98 down 3.2% in the last 24 hours and 15% this week. Daily trading volumes also fell by 23% as short-term corrections hit harder. This week, Solana regained the $150 mark before plunging below the resistance level. Known to outperform altcoins in rebounds, bulls express optimism for long-term growth, but short-term losses place the asset in the red zone.
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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.