The current market conditions have seen several altcoins decline. Notably, Cronos, Aave, and Injective have shown significant bearish trends following the overall market correction. Investors considering selling altcoins may find now to be an opportune time as the market continues to suggest volatility. Such trends suggest a cautious approach for those holding these assets.
Altcoins to sell this week
Cronos (CRO)
Cronos (CRO) is the primary cryptocurrency of the decentralized Cronos Chain built by Crypto.com. Currently, the price of CRO is hovering at $0.08491, which indicates a 4% drop in the past day. Additionally, the token has dropped 7% in the past month and 5% in the last week. These statistics make CRO one of the top altcoins selling this week.
This decline goes hand in hand with a decline in on-chain metrics such as daily active addresses, transaction counts, and network growth. These metrics have shown a downward trend over the past few months. While there have been occasional spikes in transaction volume, an overall weakening in user engagement is evident. The slowing network expansion indicates a continued lack of interest in the Cronos ecosystem.
Source: Santiment
AAVE
Aave (AAVE), a prominent decentralized finance protocol, is currently priced at $127.10, down 4% over the past 24 hours. Ranked 47th on CoinMarketCap, Aave has a market cap of $1.89 billion. Over the past week, Aave's price has fallen 1%, suggesting it may be a candidate for a sell-off in the altcoin market.
Recent movements in the MVRV (Market Cap to Realized Value) ratios over both the 30-day and 365-day periods reflect increasing fragility. The MVRV ratio, especially over the 365-day range, remains negative, indicating that long-term holders are currently suffering losses. This is a classic sign of a prolonged bear market.
Altcoins continue to hover within the crisis zone, but a lack of positive momentum suggests that further declines may be on the way. The recent decline in the 30-day MVRV ratio further strengthens this sentiment. Despite a temporary recovery, volatility remains and selling pressure may increase.
Source: Santiment
Injection (INJ)
Injective (INJ), a finance-focused Layer 1 blockchain, is experiencing a significant drop in the market. INJ price is currently trading at $20.38, a 6% drop in value. Over the past month, the token has fallen 21%, showing a notable downward trend. This significant drop makes Injective one of the trending altcoins to sell this week.
INJ price continues to decline due to a consistent decline in network activity. Significant declines in active addresses and network growth metrics highlight this bearish sentiment. Despite occasional spikes in trading volume, overall market confidence in INJ remains low. Prices have reached further lows, indicating further selling and declining interest from new participants.
Source: Santiment
In conclusion, given the current market conditions, it may be wise for anyone holding these altcoins to consider selling, as this strategy could help mitigate potential losses as the market continues to correct.
Frequently Asked Questions (FAQ)
Yes, a significant drop in trading volume or volatility could indicate a decline in interest and liquidity, making selling before further declines a strategic move.
Investors should consider recent price trends, network activity indicators, overall market conditions, as well as their personal investment objectives and risk tolerance.
Cronos has seen a sustained decline in daily active addresses, transaction counts, and overall network growth, which are key indicators of declining user engagement and interest.
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Coin Gape Staff
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Disclaimer: The presented content may contain the personal opinions of the author and are subject to market conditions. Please conduct market research before investing in cryptocurrencies. The author or publication is not responsible for any personal financial losses.
