This week, the digital asset market has shown a downward trend, prompting investors to consider selling cryptocurrencies to prevent further losses.
Discussions on social media indicate that most users view this sell-off as a short-term strategy to cope with intensified market adjustments. The current market decline is due to a decrease in institutional purchases, especially after the Bitcoin price fell below $70,000.
At the time of writing this article, the trading price of Bitcoin was $61,195, a decrease of 4.6%, maintaining a relatively better position compared to most altcoins. The total market value has dropped to $2.24 trillion. Double-digit declines in many regions further weaken market sentiment. Here are five cryptocurrencies that investors can consider selling to avoid short-term losses:
Dogecoin (DOGE): Market analysts recommend selling Dogecoin due to worsening sentiment. DOGE has dropped over 24% in the past 4 hours. Weekly trading volume has decreased by 11%, leading to more widespread losses for meme coins. At the time of writing, the price of DOGE is $0.1176.
Shiba Inu (SHIB): Shiba Inu has experienced a 14% plunge in the past week, reflecting capital outflows from other meme cryptocurrencies. Holders are selling due to bearish market conditions, and the price at the time of writing is $0.00001667. The long-term indicators are also negative, making SHIB one of the cryptocurrencies to consider selling in a sustained loss scenario.
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Solana (SOL): As of the time of writing, this asset has fallen by 3%, with a trading price of $128.08, which is several resistance levels since the first quarter high in 2024. The market value is $1 billion, showing a decline compared to previous performance.
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TON Crystal (TON): Despite making some progress earlier this year, TON Crystal has recently faced bearish sentiment. As of the time of writing, the price is $7.33, with a 24% decrease in the past 4.3 hours under broader market pressure. The altcoin dropped 6.45% last week but rose by 17% in the month.
Avalanche (AVAX): Avalanche has dropped by 24% in the past 0.35 hours, with a trading price of $24.14. Despite increasing trading volume, AVAX continues to decline. Due to recent capital outflows, this asset has fallen by 14.5% over the past week and 36% over the past month.
