Cryptocurrency markets are currently facing a significant downturn, intensifying the focus on which digital assets investors might consider selling to avoid further short-term losses. Bitcoin, the leading cryptocurrency by market capitalization, has seen its price drop below the $70,000 threshold and is currently fluctuating around $65,018. Even though it’s showing a marginal increase of 0.2%, the slip below a psychological benchmark is stirring cautious sentiment among traders and investors alike.
As the bearish waves sweep across the digital asset space, the total market capitalization has taken a plunge to $2.36 trillion. This downward trend is not limited to Bitcoin; altcoins and meme coins are bearing the brunt of the highest declines. Solana, which has emerged as a formidable contender in the smart contracts arena, has not been spared. The cryptocurrency is down by 4.67%, trading at $137, with its wider weekly losses tallying up to 11% and monthly figures dipping by 21%. Currently, it’s saddled with a market cap of $63.2 billion, reflecting the market’s increased bearishness.
Another crypto asset, TON, despite weathering the storm better than some of its peers and maintaining positive weekly and monthly volumes, has experienced a 5.5% price fall, now trading at $7.26. This marks a somewhat resilient but still pressured performance amid the current market conditions.
Avalance, with its promise of high-speed transactions and an ecosystem designed for decentralized finance (DeFi) applications, is also confronting punishing market forces. In the past 24 hours alone, Avalanche has seen its price erode by 9.8%, with its current trading value teetering around $25.93. Its trading volumes have exceeded $545 million, yet it has suffered considerable losses of 18% over the previous week.
Dogecoin, the meme coin that has captured the imaginations and wallets of potentially speculative investors, has slid by 11%, now trading at $0.1194. With weekly trading positions down by 15%, Dogecoin exemplifies the downward trajectory that meme coins, in general, are experiencing in the face of bearish markets.
Shiba Inu, another meme coin that became a cultural and financial phenomenon, has plummeted 10.44% to $0.00001764, succumbing to the widespread bearish sentiment. It stands as another crypto that investors might consider offloading amid the ongoing losses.
This market scenario, marked by declining values across a broad spectrum of cryptocurrencies, signals an uptick in risk aversion among investors. With core and notable digital assets undergoing a period of correction or potentially more pronounced downturns, market participants are advised to closely monitor their portfolios and assess their risk thresholds in light of the prevailing bear market conditions.
