Markets
3 Altcoins to Sell While the Market Fluctuates
Altcoins are trading sideways after yesterday’s rebound attempts. Several areas of the market are moving in this direction as bulls repositioned during mid-week trading. Although there were slight gains at the time of writing, sentiment remained subdued after the days in the red zone. Last week, crypto assets saw sharp losses, sending the market cap to its lowest level in a month.
Macro factors led to exits from Bitcoin as the price dropped below $61,000. This triggered a major sell-off in altcoins and meme coins, adding to the decline in market capitalization. The total value of cryptocurrencies is $2.26 trillion compared to a previous figure of over $2.6 trillion. With the current fluctuations, traders are looking to reposition holdings. Here are 3 cryptocurrencies to sell this week.
Ripple (XRP)
Ripple is down 0.10%, while other major altcoins have made little gains in the market. Exchange rate risk is trading at $0.4726 with a market cap of $26 billion after weeks of negative trading. One of the main reasons users are considering XRP as part of the altcoins to sell is due to its slow recovery over the past 24 hours. Weekly numbers have also fallen to just over 1% while monthly outflows remain in double digits. Total trading volumes have also dropped to $887 million.
Polygon (MATIC)
Polygon continued its downward trajectory after weekly lows. The asset is trading at $0.5627, down 0.63% over the past 24 hours. Like Ripple, MATIC shows limited signs of recovery along with a significant decline in trading volumes. Daily trading volumes fell to $183 million as bulls lost momentum. MATIC’s monthly data fell 23%, erasing a significant portion of previous gains.
Shiba Inu
Meme coins have been hit the hardest by the cryptocurrency market decline due to price volatility. Shiba Inu is down 2.2% over the past 24 hours, trading at $0.00001715. Weekly outflows in the asset have brought down bullish activity, making it among the most sold altcoins for most users. Additionally, daily volumes are $190 million, down 36%.
Read also: Cardano’s price is expected to reach $40 next year, according to cryptocurrency analysts
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.