As a seasoned crypto investor with a few years of experience under my belt, I’ve seen the market go through its fair share of bull and bear runs. The recent price surge following the US CPI data has brought renewed optimism to the community, but I can’t shake off the feeling that we’re due for another correction.
Digital assets currently hold onto their previous advances, but investors are keeping an eye out for opportunities to cash in on cryptocurrencies before pessimistic trends resurface. Despite this year’s price increases, the crypto market has experienced bearish periods influenced by macroeconomic changes.
The latest US Consumer Price Index report has triggered optimistic sentiment towards crypto assets, causing Bitcoin (BTC) to surpass $67,000 and fueling rallies among altcoins and meme tokens. At the present moment, the total value of all cryptocurrencies amounts to approximately $2.42 trillion, marking a 0.20% decrease from previous levels. The following three crypto assets have shown bearish indications as per user sentiment this week, suggesting potential selling opportunities.
Ethereum (ETH)
As a researcher studying the cryptocurrency market, I’ve observed that Ethereum has experienced a significant growth of 35% this year, with its current price standing at $3,075. However, there was a minor setback today with a 0.01% decline in value.
As a crypto investor, I’m closely monitoring the SEC’s decision regarding spot Ethereum ETF applications this month. Some analysts believe that the approval odds are still below 50%, which could negatively impact Ethereum’s price and inflows. In fact, last week, Ethereum institutional products experienced $23 million in outflows, making it one of the crypto assets to consider selling before a potential market downturn.
Ripple (XRP)
At present, Ripple is traded at approximately $0.512 – representing a small 0.60% decrease in value over the past 24 hours. The ongoing legal battle between Ripple and the SEC persists, with the regulatory body having dismissed an earlier proposed $10 million settlement. This prolonged dispute between Ripple and the financial regulator has negatively influenced investor sentiment towards the crypto, causing its price to fluctuate.
Shiba Inu (SHIB)
Meme coins have experienced continuous growth due to the crypto market’s recent surge. However, a pessimistic outlook could result in significant asset disposals. SHIB is currently trading 0.70% lower than before in the last 24 hours, with almost identical weekly transaction volumes. On the other hand, Solana-based meme coins like Dogwifhat and BOME have experienced remarkable growth of 9.3% and 3%, respectively, over the same time frame while SHIB remains stagnant.
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2024-05-20 18:12