Solana Leads Altcoins in Downtrend as Selling Pressures Intensifies on Friday

The cryptocurrency market has made a flip on Friday, with many cash plunging into the pink. Bears have seemingly assumed management forward of the weekend. The total crypto market capital has slimmed down from a peak of round $1.931 trillion hours at first of the day to $1.843 trillion as of writing. The main cryptocurrency Bitcoin has dropped 3.85% and is headed in direction of help at $41,400, expectedly pulling altcoins with it.

Solana (SOL) has posted the most important stoop, Ether (ETH) buying and selling above $2,740

The largest altcoin by market capital, Ether, plunged from a excessive of $2,845 earlier right this moment to an intraday low of $2,707.56 earlier than discovering stability above this stage.

ETH/USD 24-hr buying and selling chart Source: CoinMarketCap

It is at present buying and selling at $2,743 – down 5.65% in the final 24 hours, with analysts predicting a further downtrend for the altcoin. Ether’s market capital has pared down correspondingly to $328.96 billion, CoinMarketCap knowledge confirmed, on the time of writing.

Solana’s native token misplaced its momentum right this moment and has receded nearly 7% falling under the $100 value stage. SOL has moved south from a 24-hr excessive of $100.83 and is now altering palms at $93.11 towards the greenback.

SOL/USD 24-hr buying and selling chart. Source: CoinMarketCap

Prior to the correction, SOL had been one of many best-performing tokens. SOL/USD surged from $84.50 throughout Monday’s buying and selling session to a weekly excessive of $105.98 on Wednesday. This was the primary time the pair had traded above $105 since 11th February.

To be taught extra about these tokens go to our Investing in Ethereum or Investing in Solana guides.

Algorand (ALGO), Avalanche (AVAX), Theta (THETA) tokens are down over 3%

Algorand’s token ALGO has dipped 4.13% in the final 24 hours as per market knowledge. Following a pointy rally on Sunday, ALGO notched a weekly excessive of $0.8931 on Monday however has since retraced under $0.80. It is at present buying and selling at $0.7992 with a market capital of $5.30 billion.

ALGO/USD 24-hr buying and selling chart. Source: CoinMarketCap

AVAX, the eighth-ranked crypto asset by market capital on CoinMarketCap, has slid 3.01% in the final 24 hours. The crypto set an intraday excessive of $82.78 earlier right this moment earlier than crashing to $75.47 hours later. AVAX/USD is now altering palms at $79.81.

AVAX/USD 24-hr buying and selling chart. Source: CoinMarketCap

Theta (THETA) utility token has reclaimed $3.00 following a correction from $3.25 earlier right this moment to a 24-hr low of $2.92. The market capital of the decentralized video streaming chain has contracted to $3.037 billion on the time of writing. THETA’s buying and selling quantity has pared down by nearly 24% to $252.428 million.

To be taught extra about these tokens take a look at our Investing in Theta, Investing in Algorand or Investing in Avalanche guides.

Polygon (MATIC) and Cardano (ADA) have additionally sunk

Cardano (ADA) has climbed to seventh-place displacing Solana (SOL), which has suffered heavy losses in the final 24 hours. ADA misplaced help at $0.90 earlier right this moment as the market got here beneath heavy promoting strain. It is now holding above $0.88 – down 3.26% from yesterday.

MATIC/USD 24-hr buying and selling chart. Source: CoinMarketCap

After setting a 24-hr excessive of $1.64, MATIC/USD noticed a steep descent to $1.52 alongside the vast majority of the highest altcoins. Market knowledge exhibits Polygon’s token has retraced 3.26% over the past 24 hours to $1.55 however is up about 8% over the past 7-days.

To be taught extra about these tokens go to our Investing in Polygon or Investing in Cardano guides.

Here’s what’s driving crypto costs south

The altcoin market recession tied to that of Bitcoin has been attributed to a combination of macro factors. The ascension of bears to take the reins forward of the weekend places strain on many crypto-assets that rallied to new heights at first of the week. The short-term outlook of altcoins stays bearish till Bitcoin can retest the grounds above $42,000. Some analysts are confident that the price of the leading cryptocurrency will move north, however the present bearish sentiment.

https://www.securities.io/solana-leads-altcoins-in-downtrend-as-selling-pressures-intensifies-on-friday/

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