This week, the digital asset market has shown a downward trend, prompting investors to consider selling cryptocurrencies to prevent further losses.
Discussions on social media indicate that most users view this sell-off as a short-term strategy to cope with the intensified market adjustment. The current market decline is due to a decrease in institutional purchases, especially after the Bitcoin price fell below $70,000.
At the time of writing this article, the trading price of Bitcoin was $61,195, a decrease of 4.6%, maintaining a relatively better position compared to most altcoins. The total market value dropped to $2.24 trillion. Double-digit declines in many regions further weakened market sentiment. Here are five cryptocurrencies that investors can consider selling to avoid short-term losses:
Dogecoin (DOGE)
Market analysts recommend selling Dogecoin due to worsening sentiment. DOGE has dropped over 24% in the past 4 hours. The weekly trading volume decreased by 11%, resulting in wider losses for meme coins. At the time of writing this article, the price of DOGE is $0.1176.
Shiba Inu (SHIB)
Shiba Inu has experienced a 14% crash in the past week, reflecting capital outflows from other meme cryptocurrencies. Due to bearish market conditions, holders are selling, and the price at the time of writing this article is $0.00001667. The long-term indicators are also negative, making SHIB one of the cryptocurrencies to consider selling in a situation of ongoing losses.
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Solana (SOL)
Solana has dropped by 3% at the time of writing this article, with a trading price of $128.08, which is several resistance levels since the first quarter high of 2024. The market value is $1 billion, showing a decline from previous performance.
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TON Coin (TON)
Despite making some progress earlier this year, TON Coin has recently faced bearish sentiment. At the time of writing this article, the price is $7.33, down 24% in the past 4.3 hours under broader market pressure. The altcoin dropped 6.45% last week but rose 17% in the month.
Avalanche (AVAX)
Avalanche has dropped 24% in the past 0.35 hours, with a trading price of $24.14. Despite increasing trading volume, AVAX continues to decline. Due to recent capital outflows, the asset has dropped 14.5% in the past week and 36% in the past month.
