As a crypto investor with some experience in the market, I’ve seen my fair share of ups and downs. The current corrections in the market, particularly the loss of sentiment following Bitcoin’s price drop below $70,000, have left me feeling cautious. The outflows from altcoins and meme tokens, including Cardano (ADA), Ripple (XRP), and Solana (SOL), have further fueled my apprehension.
The cryptocurrency market has experienced minor setbacks, with altcoins and meme tokens remaining relatively unchanged. However, more significant losses have ensued due to a shift in investor sentiment following Bitcoin‘s drop below $70,000, now trading at $66,991 – a 1.1% decrease over the last day and adding to weekly outflows amounting to 6%. This price decline from previous resistance levels has left investors feeling uneasy.
The crypto market capitalization has decreased to $2.44 trillion this week as altcoins experienced significant outflows. While some altcoin leaders reported gains over the last 24 hours, many other digital assets continued to see outflows. Despite bullish projections of a rebound, recent losses have hindered asset growth in the short term. Here’s a list of altcoins that might be worth selling during this market downturn.
Cardano (ADA)
The label “ETH killer” earned by this cryptocurrency saw significant withdrawals this week, coinciding with a 2.3% drop in the last 24 hours and a larger 14.53% decrease over the past seven days. Trading volumes for ADA have decreased by 32%, reflecting pessimistic investor sentiment. Currently priced at $0.4127, buyers are trying to push the asset above the $0.5 resistance level. Given its recent outflows, Cardano is among the altcoins being considered for sale in response to short-term losses.
Ripple (XRP)
Despite experiencing a setback in Q1 2024, Ripple’s prospects remain promising. However, the daily losses for XRP are piling up due to the decline in the altcoin market and regulatory challenges with the Securities and Exchange Commission (SEC). The asset’s value currently stands at $0.478, representing a 1.9% decrease, while trading volumes have dropped by 14%. Supporters of Ripple are hoping for a brief surge above $0.5 and a significant rebound above $1 if market sentiment shifts positively.
Solana (SOL)
At present, the price of Solana is $144.98, representing a 3.2% decrease over the last day and a more substantial 15% loss this week. Trading volumes have decreased by 23% within the same timeframe, reflecting the impact of recent short-term corrections. This past week, Solana managed to regain the $150 mark before experiencing another dip below the resistance level. Despite these setbacks, investors remain hopeful for the asset’s long-term growth potential, while current losses place it in the red zone on the price chart.
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2024-06-14 18:33