As a researcher with a background in digital assets, I’ve seen my fair share of market volatility. The recent downturn in the crypto market has left many investors wondering which assets to hold onto and which ones to sell. Based on current trends and sentiment, here are four crypto to sell: Ethereum (ETH), Binance Coin (BNB), Cardano (ADA), and Shiba Inu (SHIB).
In the past few weeks, there has been a noticeable decline in the value of digital assets, causing concern among investors who are cautiously waiting for an opportunity to offload their crypto holdings due to losses. The dip in Bitcoin‘s price below $62,000 intensified this trend, leading to increased sell-offs and resulting in approximately 60,000 trades being liquidated. Consequently, there has been a noticeable decrease in investments in spot Bitcoin ETFs, meme coins, and decentralized finance (DeFi) platforms.
Trading volumes reach a high of $72.2 billion daily, yet the market capitalization shrinks dramatically as cryptocurrencies experience significant double-digit price decreases. In light of earlier market growth, investors aim to unload certain assets to minimize losses and convert short-term holdings into cash. Here are four cryptos to consider selling as pessimism sets in:
Ethereum (ETH)
Some investors have chosen to sell Ethereum in the past 24 hours due to recent outflows, causing a 5% drop in price to $3,306. This decline also affected weekly positions, which decreased by 5%, and the last 30 days saw an 11% decrease. These sell-offs erased the gains made from anticipating the launch of the Ethereum spot ETF, resulting in a 22% price increase being reversed.
BNB
The price of Binance Coin is declining in tandem with other assets due to intensifying bearish sentiment. In the past 24 hours, BNB has been traded at $557, representing a 4.28% decrease. Moreover, there has been a significant increase in weekly outflows by 8%. The negative trend of Binance Coin is also evident from the decreasing trading volume and on-chain activity, which are indicative of investors exiting bullish positions. At present, the market capitalization stands at $82.6 billion with trading volumes amounting to $1.9 billion.
As a cryptocurrency analyst, I’ve observed some users considering selling their BNB holdings as the price retreats from its record high of over $720 reached this month.
Cardano (ADA)
The label “ETH-rival” ETH has experienced significant withdrawals while being transacted in tandem with the broader market. ADA has dropped by 4% today and recorded a 10.9% decrease over the past week. Prices have also been trending downward monthly, erasing some of its previous gains. The value of ADA reached a low of $0.3702, causing its market capitalization to shrink to $13.2 billion.
Shiba Inu (SHIB)
Meme coins, like SHIB, have experienced greater declines than other asset classes because of their inherent volatility. For instance, the SHIB price dropped by approximately 6% to reach a new low of $0.00001663. Data from CoinGecko reveals that daily trading volumes amounted to $329 million, while its market capitalization shrank dramatically to $9.7 billion.
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2024-06-24 22:51