5 Cryptos to Sell Before You’re Left Holding the Bag
When the benchmark cryptocurrency Bitcoin tumbled below $30,000 last week, many investors feared the worst. Certainly, the circumstances don’t bode well for cryptos in the near term. However, the volatility seems to have woken up the bulls. BTC traded around $33,000 heading into last weekend and is now priced at $38,000. Is this a new rally for the crypto market?
To be completely upfront, nobody truly knows what’s going to happen with digital assets. At the same time, it’s important to put the recent rise in BTC and other cryptos in context. The bears likely smell blood in the water, so we wouldn’t let the big percentage move distract you from the wider narrative.
Many, if not most cryptos face outsized risks if Bitcoin’s current rally is another head fake. Based on 24-hour volume data from July 13, the top three digital assets Tether, Bitcoin, and Ethereum hold the vast majority of the market share.
Based on this data, when you combine the volumes of the number four asset all the way down to number 100, the tally is $31.3 billion. It’s a sizable amount, don’t get us wrong. But Bitcoin and Ethereum saw a combined $40.8 billion in volume over the same time period.
In other words, the viability of cryptos comes down to simple math. There are too many blockchain-based assets for investors to choose from. It’s more than likely that only a few digital coins and tokens will survive in the long run.
This article isn’t about hating on certain cryptos. By now, you should understand the digital market is extremely volatile and speculative. Rather, treat this list as a springboard to do further research. That being said, here are five cryptos that stakeholders should consider selling or trimming into strength:
TRON (CCC: TRX-USD)
Civic (CCC: CVC-USD)
OMG Network (CCC: OMG-USD)