Altcoins are currently experiencing a period of sideways movement after attempting a rebound yesterday. The cryptocurrency market is showing signs of bulls repositioning during mid-week trading, with slight gains being recorded at press time. However, sentiment remains low following several days of losses that have pushed the market cap to lows not seen in a month.
Last week, the crypto market saw sharp declines as macro factors led to exits from Bitcoin, causing the price to drop below $61,000. This triggered a sell-off in altcoins and meme coins, further contributing to the overall decline in market cap. The total crypto market value now stands at $2.27 trillion, down from over $2.6 trillion.
In light of the current market fluctuations, traders are looking to reposition their holdings. As a result, there are three altcoins that are being highlighted as potential sells this week.
First on the list is Ripple (XRP), which is down 0.92% and trading at $0.4751 with a market cap of $26.1 billion. XRP has been struggling to recover from weeks of negative trading, with weekly numbers showing a 4% decline and monthly exits in double digits. Trading volumes for XRP are also down by 16% to $887 million.
Next is Polygon (MATIC), which has continued its downward trend after hitting weekly lows. MATIC is currently trading at $0.555, reflecting a 2.85% decline in the last 24 hours. Similar to Ripple, MATIC is showing limited signs of a rebound, with a 33% drop in trading volumes. Monthly figures for MATIC have declined by 23%, erasing previous gains.
Lastly, Shiba Inu, a meme coin, has also been affected by the recent market decline. It is down 2.3% in the last 24 hours, trading at $0.00001743. Weekly outflows in Shiba Inu have dampened bullish activity, making it one of the altcoins to sell for many users. Daily volumes for Shiba Inu have dropped by 22% to $260 million.
Overall, the cryptocurrency market is experiencing significant fluctuations, leading to reduced sentiment among users who are now looking to sell certain altcoins. As traders navigate these uncertain waters, it will be crucial to monitor market trends and make informed decisions to mitigate potential losses.