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3 Altcoins to Sell While the Market Fluctuates
Altcoins are trading sideways after yesterday’s rebound attempts. Several areas of the market are trading in this direction as bulls repositioned during mid-week trading. Although slight gains were recorded at press time, sentiment remained subdued after days in the red zone. Last week, cryptocurrencies saw sharp losses, sending the market cap to its lowest levels in a month.
Macro factors led to the exit from Bitcoin as the price fell below $61,000. This triggered a major sell-off in altcoins and meme coins that added to the decline in market capitalization. The total value of the cryptocurrency 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 fell by 0.66%, while other major altcoins recorded slight gains in the market. Exchange rate risk trades at $0.4678 with a market capitalization of $26 billion after weeks of negative trading. One of the main reasons why users consider XRP as part of the altcoins to sell is due to its slow recovery over the past 24 hours. Weekly numbers also plummeted by more than 6%, while monthly releases remain in double digits. Overall trading volumes also fell to $887 million.
Polygon (MATIC)
Polygon has continued its downward trajectory after the weekly lows. The asset is trading at $0.5522, down 0.44% over the past 24 hours. Like Ripple, MATIC is showing limited signs of a rebound coupled with a significant decline in trading volumes. Daily trading volumes have fallen to $183 million as the bulls have lost momentum. Monthly figures for MATIC have fallen 23%, erasing a significant portion of previous gains.
Shiba Inu Dog
Meme Coins have been hit the hardest by the cryptocurrency market decline due to price volatility. Shiba Inu is down 2% over the past 24 hours and is trading at $0.00001713. 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 Price Expected to Reach $40 Next Year, Crypto Analysts Say
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 written in several niches including regulation, partnerships, cryptocurrencies, stocks, NFTs, etc. Away from the financial markets, David cycles and rides horses.