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5 cryptocurrencies to sell to avoid losses in the bear market
The digital asset market continues its downward trajectory this week, prompting investors to look for cryptocurrencies to sell to avoid losses. Most users on social media say the asset dump is only short-term as the market correction gets tougher. The market situation is linked to a decline in institutional purchases as the price of Bitcoin has fallen below $70,000.
At press time, Bitcoin price it is trading at $65,018, up 0.2% and in a slightly better position than most altcoins. As the broader market capitalization plummets to $2.36 trillion, altcoins and meme coins saw the highest crypto losses. Double-digit losses in most quarters continue to weaken sentiment. Here are 5 cryptocurrencies to sell to avoid short-term losses.
Solana (SOL)
Solana is down 3.48% at $131.30 below several resistance levels from Q1 2024 highs. The asset posted wider weekly losses of 11% as data monthly fell to 27%. Solana’s market capitalization stands at $60.7 billion, showing a decline in the once highly successful asset.
Toncoin (TON)
THE Toncoin The ecosystem has seen huge gains this year, surpassing Bitcoin by a few points. However, recent bearish activity has seen its price collapse. TON price stands at $7.22, down 0.2% today due to pressure on broader crypto assets. As short-term volume collapses, its weekly and monthly volumes remain in the green zone.
Avalanche (AVAX)
Avalanche fell 1.1% in the past 24 hours, and traded at $27.78. Despite the increase in volumes, AVAX maintains its downtrend. According to data from CoinGecko AVAX volumes exceed $290 million. Financial markets recorded a loss of 13% in the previous seven days and a massive decline of 32%. This loss was triggered by recent runoffs bringing goodness to the woods.
Dogecoin (DOGE)
According to market analysts, Dogecoin is a cryptocurrency to sell with declining sentiment today. DOGE it is down 2% due to slowing intraday trading. Weekly positions trade negatively by 13%, leading to larger meme coin losses. Meme coins have lost steam along with broader crypto assets. DOGE trades at $0.124.
Shiba Inu (SHIB)
Shiba Inu has fallen 18% in a week, the double-digit saying draining away like other meme coins. Holders continue to sell due to bearish situations with its price at $0.00001786. Longer-term data is also declining following negative trading this month that has led to the cryptocurrency asset selling amid losses.
Read also: 3 bullish meme coins for today’s declining market
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.