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Altcoins to Avoid as Bitcoin Sub-$60k Hints at Extended Correction
The post Altcoins to Avoid as Bitcoin Sub-$60k Hints at Extended Correction appeared on BitcoinEthereumNews.com. On Wednesday, the cryptocurrency market witnessed a sudden sell-off which plunged the Bitcoin price below $60000. With an intraday loss of 4%, the BTC price sparked the correction of major altcoins. Earlier this week, the substantial inflow from BTC ETFs triggered a relief rally in the market. However, concerns are mounting over increased selling pressure from distributions by the defunct crypto exchange Mt. Gox and liquidations by government bodies. Given the potential for an extended correction, market participants might consider avoiding the specified altcoin to protect their investments. Also Read: Binance Announces Delisting Of Key Crypto Pairs, Brace For Market Impact XRP is a cryptocurrency designed to facilitate fast and cost-effective cross-border payments. It is the native token of the XRP Ledger (XRPL), an open-source, decentralized blockchain developed in 2012. XRP| Tradingview XRP has struggled in the first half of 2024 as investor caution prevails due to the ongoing legal issues between Ripple and the U.S. SEC. As of the latest updates, XRP maintains a market cap of $26.3 billion, with a trading volume over the past 24 hours reaching $1.037 billion. Current analysis of the daily charts indicates that XRP is trading at $0.47 and is testing the support trendline of a 6-year-long triangle pattern formation. Despite dynamic resistance serving as a key accumulation zone until now, the extended correction phase in Bitcoin could potentially drive the XRP price below this level. If a bearish breakdown occurs, it could amplify selling pressure, possibly causing the altcoin’s price to drop below $0.40. Also Read: Ethereum, Bitcoin & XRP Lead $1.5B Crypto Scam Losses, What’s Happening? Dogwifhat (WIF) is a meme-inspired cryptocurrency launched on the Solana blockchain in late 2023. It originated from a viral internet meme featuring a Shiba Inu wearing a pink beanie hat. Dogwifhat (WIF)| Tradingview The meme sector…
The post Altcoins to Avoid as Bitcoin Sub-$60k Hints at Extended Correction appeared on BitcoinEthereumNews.com.
On Wednesday, the cryptocurrency market witnessed a sudden sell-off which plunged the Bitcoin price below $60000. With an intraday loss of 4%, the BTC price sparked the correction of major altcoins. Earlier this week, the substantial inflow from BTC ETFs triggered a relief rally in the market. However, concerns are mounting over increased selling pressure from distributions by the defunct crypto exchange Mt. Gox and liquidations by government bodies. Given the potential for an extended correction, market participants might consider avoiding the specified altcoin to protect their investments. Also Read: Binance Announces Delisting Of Key Crypto Pairs, Brace For Market Impact XRP is a cryptocurrency designed to facilitate fast and cost-effective cross-border payments. It is the native token of the XRP Ledger (XRPL), an open-source, decentralized blockchain developed in 2012. XRP| Tradingview XRP has struggled in the first half of 2024 as investor caution prevails due to the ongoing legal issues between Ripple and the U.S. SEC. As of the latest updates, XRP maintains a market cap of $26.3 billion, with a trading volume over the past 24 hours reaching $1.037 billion. Current analysis of the daily charts indicates that XRP is trading at $0.47 and is testing the support trendline of a 6-year-long triangle pattern formation. Despite dynamic resistance serving as a key accumulation zone until now, the extended correction phase in Bitcoin could potentially drive the XRP price below this level. If a bearish breakdown occurs, it could amplify selling pressure, possibly causing the altcoin’s price to drop below $0.40. Also Read: Ethereum, Bitcoin & XRP Lead $1.5B Crypto Scam Losses, What’s Happening? Dogwifhat (WIF) is a meme-inspired cryptocurrency launched on the Solana blockchain in late 2023. It originated from a viral internet meme featuring a Shiba Inu wearing a pink beanie hat. Dogwifhat (WIF)| Tradingview The meme sector…
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