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4 cryptocurrencies to sell while fear grips traders
Digital assets have been on a downhill journey in recent weeks with investors keeping an eye on cryptocurrencies to sell amid losses. Bitcoin (BTC)’s fall below $62,000 has led to broader negative sentiments, among others. These events accentuated the selling, as nearly 60,000 trades were liquidated. Overall, there have been outflows in spot Bitcoin ETFs, meme coins and decentralized finance (DeFi) volumes.
Daily trading volumes stand at $72.2 billion, while market capitalization plummets as crypto assets post uncertain losses. In the shadow of previous market gains, investors are looking to offload certain assets to prevent losses and even change short-term positions. Here are four cryptocurrencies to sell as sentiments plummet.
Ethereum (ETH)
Ethereum joins the list of cryptocurrencies to sell for some users due to recent outflows, while others look to future positives. Over the past 24 hours, Ethereum has fallen 5% to settle at $3,306, due to long-term outflows. Weekly positions also fell 5%, while the last 30 days marked a decline of 11%. These exits erased the gains recorded with commercial Ethereum ETF anticipation which saw its price rise by 22%.
BNB
Binance Coin is trading negatively like other assets as bearish sentiment grows stronger. BNB is trading at $557, down 4.28% over the past 24 hours, while weekly outflows are up 8%. BNB trades negatively as volume and on-chain activity collapse marking bullish exits. As of this writing, the market cap has fallen to $82.6 billion on volumes at $1.9 billion.
Some users see BNB as a cryptocurrency to sell as the lot moves away from its all-time high above $720 this month.
Cardan (ADA)
The community doubled ETH killer has faced massive outflows as it trades long the market. ADA fell 4% today and is down 10.9% for the week. Monthly downward trends can also be seen in the asset price as a portion of the gains are erased. ADA’s price fell to $0.3702, bringing its market capitalization to $13.2 billion.
Shiba Inu (SHIB)
Meme coins have fallen more than other asset classes due to their volatility. SHIB price drops 6% to $0.00001663 on long-term exits. According to data from CoinGeckodaily trading volumes amounted to $329 million, while the market capitalization collapsed to $9.7 billion.
Read also: Most searched altcoins on Google; Is it worth buying?
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.