Bitcoin
3 Altcoins to Sell Amid Short-Term Market Correction
The cryptocurrency market faces a short-term decline as users look for altcoins to sell amid recent volatility. On-chain data shows a sharp decline in cryptocurrency prices over the past 24 hours. This price drop pared previously recorded weekly gains as the price of Bitcoin (BTC) fell below $63,000.
In addition to Bitcoin, major altcoins have also seen falling prices in the market, with some entering double digits as sentiment plummets. The loss of momentum for major altcoins follows a swing in macroeconomic factors, with bulls projecting a short-term correction before recovery. Here are three altcoins to sell amid the market correction.
Solana (SUN)
Solana remains among the community’s favorite altcoins, with a price of US$143. Solana fell 1.93% in the last 24 hours and 17% this month. However, weekly flows for Solana are still in the green zone. The asset’s fall in the last 48 hours places it among the altcoins for sale.
Another factor against SOL’s performance in the short term is the decline in trading volumes. Daily trading volumes fell by 12.26%, indicating weaker factors on the network. Solana memecoins also recorded a loss of momentum in the last 24 hours.
Polkadot (DOT)
Polkadot trades at $6.92, down 2% in the last 24 hours as sentiment plummets. DOT joins altcoins that have lost weekly gains as well as recent outflows. Although the community hopes it can recover from its recent bottom, some traders have flagged it as an altcoin to sell this week. The asset recorded monthly outflows of 22%.
Dogecoin (DOGE)
Leading memecoin Dogecoin has attracted bullish momentum with some traders leaning towards $1. However, the short-term correction threatens the asset’s form as other memecoins lose steam. This week, DOGE’s daily trading volumes have fallen. Memecoin’s total market value fell 2.2% to $50.7 billion.
Although these altcoins have been in decline, they have recovered this year, with bulls giving projections on positive sentiments.
Read too: What is happening with the Cardano price this month?