Investors’ sentiments are not precisely bullish when it comes to the crypto market. Most of it is driven by a constant decline in the value of BTC and ETH following Bitcoin Halving and FED interest rate decision. The air earlier was certainly favorable; however, the market has refused to trigger a bull run. The Market Cap of the global crypto market is down to $2.093 trillion by 8.3% over the last week. The decline has a significant impact on investors as they are left with two options – hold onto their cryptos or engage in a red trade (sell for a loss), assuming they purchased at the peak.
The Bitcoin and Ethereum slump
Values of BTC and ETH have experienced significant pushback from the optimistic phase. They are down by 1.41% and 2% in the last 24 hours, respectively. Bitcoin is trading at $57,230 to test the resistance at $60,500. A decline below that margin will potentially open the doors to a new unwanted low.
Ethereum, meanwhile, is trading at $2911.5, with a fall of 1.96% in the Market Cap in the last 24 hours. The decline is likely due to factors like less regulatory recognition, interest rate decision by the Federal Reserve, and low demand. Also, the investor sentiment since Bitcoin Halving could be negatively contributing to the global crypto market.
Altcoins: A silver lining?
This is probably based on the transition of investors’ sentiments. They have begun exploring options to diversify their crypto portfolios. The Market Cap is roughly at $2.093 trillion. One reason why investors are exploring altcoins, crypto tokens other than BTC & ETH, is so that they can break the shackles of the dominating tokens and reduce their dependence on them. Also, altcoins are turning out to be less risky with broader utilities.
Promising altcoins to consider
Promising altcoins include the likes of MAGA VP, FLOKI, and SOL, among others. FLOKI and SOL are making a move to rank higher than the others. What makes them, and other altcoins, worth considering is their performance and use cases. Most of them are backed by strong communities. Thereby committing to the growth in every aspect.
MAGA VP is a recent entrant to the list. The PolitiFi meme coin is predicted to surge to the high of $0.38 from the current value of $0.12 by the end of this month. Altcoins enable traders to experience not just diversification but also experience innovation and potential for growth. These features are, to some extent, restricted to Bitcoin and Ethereum.
Conclusion
The key takeaway practically includes understanding that while Bitcoin and Ethereum do dominate the crypto market, they also experience heavy dips from time to time. It is, therefore, natural to consider altcoins like MAGA VP, FLOKI, and SOL to diversify and lower the risk plus volatility.
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