Altcoin
3 Altcoins to Sell in a Bearish Climate
Crypto assets tumbled today amid negative sentiments with possible market sell-offs prompting traders to look for altcoins to sell. Losses can be seen in several altcoins including Ethereum (ETH), BNB, Solana (SOL), Ripple (XRP), and Cardano (ADA). Meme coins are also not exempt from current positions as the assets lose some of the previously traded inflows.
At the time of writing, the cryptocurrency market capitalization fell 0.1% to $2.54 trillion, with daily volumes growing above $84 billion, marking an increase of 1.8 %. Despite the decline of market leading altcoins and meme coins
Bitcoin (BTC) maintains its momentum in the green zone recording a rise of 1.3% with its trading price at $68,477. On the other hand, meme tokens plummeted to $65.5 billion, a 5% decline in the market. Here are three altcoins to sell during a market correction.
Ethereum (ETH)
Ethereum has dominated the crypto charts this month, surging more than 22%, with its price floating near the $4,000 resistance level. The jump in the price of Ethereum is due to the Securities and Exchange Commission (SEC) regulatory action on the spot ETH ETF.
However, divergent views have emerged on the ETF’s impacts, and analysts say the low volumes will not have a significant impact on the asset’s price. Ethereum price is at $3,748, after falling 0.48% today and 0.33% this week. However the monthly numbers remain bullish at 24%.
Ripple (XRP)
Ripple has suffered short-term losses in the cryptocurrency market this year, limiting previous bullish projections for the asset. As its regulatory caution with the SEC drags on, many still have a bearish view on the altcoin’s prospects. Ripple is trading at $0.519, down 0.70% today and 1.68% this month. Although volumes increased by 12%, data on the chain reveals the current bearish position.
Shiba Inu (SHIB)
Shiba Inu like other meme coins has recorded losses in the last 24 hours. The dog-themed token fell 7.2% today as its price hovers around $0.00002585. SHIB’s downside performance can be seen in trading volumes, but is ultimately due to the collapse of broader sentiments placing it among the altcoins to sell. Meme coins they are known to rise with the broader market as investors move into assets.
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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.