This week, the digital asset market has seen 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 in response to the growing market correction. The current market decline is due to decreasing institutional purchases, especially after the price of Bitcoin fell below $70,000.
Bitcoin is currently trading at $61,195, showing a 4.6% decline and maintaining a relatively better position compared to most altcoins. The total market capitalization has decreased to $2.24 trillion. Double-digit declines in many areas further worsen market sentiments. Here are five cryptocurrencies that investors may consider selling to avoid short-term losses:
Dogecoin (DOGE)
Market analysts suggest selling Dogecoin due to worsening sentiments. DOGE has decreased by over 4% in the last 24 hours. Weekly trading has dropped by 11%, contributing to broader losses among meme coins. At the time of writing, the price of DOGE is $0.1176.
Shiba Inu (SHIB)
Shiba Inu has plummeted by 14% in the last week, reflecting the outflows seen in other meme cryptocurrencies. Holders are selling due to bearish market conditions, with the price at $0.00001667 at the time of writing. Long-term indicators are also negative, making SHIB one of the cryptocurrencies to consider selling amid ongoing losses.
Solana (SOL)
Solana has dropped by 3%, trading at $128.08 at the time of writing, below multiple resistance levels from its highest values in the first quarter of 2024. The asset has seen a 10% loss in the last week and a 23.6% decline in the last month. Market capitalization stands at $59 billion, showing a decline compared to its previous performance.
TON Crystal (TON)
Despite earlier gains this year, TON Crystal is currently facing bearish sentiments. The price is $7.33 at the time of writing, representing a 4.3% decline in the last 24 hours amidst broader pressure on the crypto market. The altcoin has suffered a 6.45% decline in the last week but still experiences a 17% growth on a monthly basis.
Avalanche (AVAX)
Avalanche has decreased by 0.35% in the last 24 hours, trading at a price of $24.14. Despite increasing trading volumes, AVAX continues its downward trend. The asset has experienced a 14.5% loss in the last week and a 36% decline in the last month, attributed to recent outflows.
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