Altcoins
Altcoins to be sold off as stablecoin volume drops
Attempts at a sustainable recovery in the cryptocurrency market continued to fail this week, starting with Bitcoin’s failure to break above $60,000 on Thursday. At the same time, stablecoin volumes declined significantly to a seven-month low of $970 million. At first glance, this outlook may not raise eyebrows, but further evaluation could prompt altcoin investors to sell this weekend to avoid the rabbit hole.
According to a report on the state of the stablecoin sector, June marked the third consecutive month of declines – 18%, mainly in USDT. Attached is the most dominant stablecoin, “accounting for 78.4% of volume among the top 10 stablecoins by market cap.”
Stablecoins are often the entry and exit route to the cryptocurrency market. They also help facilitate the majority of trading in the market. Therefore, a persistent decline in volumes may indicate a decline in trader interest.
For this reason, it might be prudent to consider selecting altcoins to sell before further price drops engulf cryptocurrencies.
3. Altcoins for Sale – Slerf (SLERF)
Slerf is one of the biggest crashes in the cryptocurrency market, and it was a good thing. The project presents itself as a fun and engaging project coin meme for the community. However, the launch was not a cakewalk as the developer accidentally burned all the tokens (liquidity and airdrop allocations). The combined value of the burned tokens exceeded $10 million.
The price of SLERF then surged, with market participants calling it the most secure meme coin on the blockchain. After reaching an all-time high of $1.3, or 7.7 times the launch price, SLERF began to retrace and is currently at $0.186, down 86%.
Slerf retains the title of the most liquid meme coin on Solana and has continued to secure partnerships across the Solana ecosystem. The 24-hour trading volume for SLERF is up 4.6%, indicating that investor interest in the token is increasing.
SLERF price is near a critical level. If it falls below this level, it could reach new all-time lows.
2. Arbitration (ARB)
Over the past week, ARB has been trading in a range between $0.6825 and $0.733, showing a notable 17% increase in value. The cryptocurrency reached its all-time high of $2.40 six months ago, but has since declined significantly, currently trading around $0.69.
Arbitration
ARB Price Chart | CoinGecko
Despite this decline, recent performance indicates a positive trend, recovering from its all-time low of $0.5773, recorded just seven days ago.
According to DefiLlamaArbitrum currently has a total value locked (TVL) of around $2.829 billion. In the last 24 hours, the platform has seen inflows of around $9 million. Additionally, Arbitrum’s treasury holds $44 million and the platform has raised $123 million to date.
Arbitrum price is currently experiencing a significant decline in a bearish market environment. If this negative sentiment persists, Arbitrum’s value could stabilize at $0.68. If market conditions deteriorate further, a drop to $0.67 could occur, reflecting a deeper bearish impact. An intensification of the downturn could push the price down to $0.68.
Conversely, Arbitrum Prize The cryptocurrency price could enter a bullish phase if investor confidence improves. A market reversal would likely push its value beyond the $0.70 resistance level. Continuing on this path, the cryptocurrency could approach $0.90. It could even reach $1 in the near future.
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Frequently Asked Questions (FAQ)
The term altcoins is used to refer to alternative cryptocurrencies to Bitcoin. Ethereum is the most dominant altcoin.
Stablecoins are cryptocurrencies pegged to real-world assets like the dollar to reduce price fluctuations, making them ideal for everyday transactions in the crypto world.
It depends on individual investors, their goals, and their understanding of the cryptocurrency market. The ongoing correction could be interpreted as a buying moment, especially if the selling pressure subsides.