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The top altcoins might go down again! Prepare to buy or face another round of financial loss
The crypto market has been incessantly suffering due to the bearish price trends of digital assets, which was the result of the various degenerating macroeconomic factors like rising inflation, the aggressive moves of the Fed to reduce the impact of inflation, harsher regulatory scrutiny of cryptocurrencies, and most importantly, the decreasing confidence of investors on digital assets. The broader cryptocurrency sector has lost almost more than 60% of its market cap, since the beginning of 2022, but still crypto fanatics continued to support the decentralized and volatile ecosystem. After Tim Beiko announced that the Ethereum Merge upgrade will probably be released in September 2022, new hopes were renewed that the market will soon recover and will generate more profits. The Ethereum price rally enabled other altcoins to excel significantly. After this, the crypto prices continue to rise, but it seems like the top altcoins are set to soon plummet again. So, if you are someone who has missed the previous bearish price rally, you can invest in these top altcoins in 2022.
It was Ethereum’s price rally that enabled major altcoins and Bitcoin to surge. But Ethereum is currently trading below the US$1,400 mark after breaking the US$1,500 support zone. The second-largest cryptocurrency has fallen by over 7% within one week. Investors are afraid that the crypto might soon retrace back to the US$900 value soon.
Experts believe that Dogecoin is an inflationary coin and that its ever-increasing supply would eventually reduce DOGE’s value. The market crash just fast-forwarded this process. Investors have been waiting for quite a long time for a Dogecoin price rally, and they are ought to get impatient. Dogecoin’s value will soon plummet too.
Shiba Inu developers have promised a bright future with an upcoming NFT gaming project, but experts predict that the crypto is set to decline. Even though luxury fashion brands like Gucci are adopting SHIB for payments, bulls are constantly ignoring SHIB developments on the network, which is one of the many reasons why the crypto’s value is massively reducing.
XRP, like any other altcoins, is also plummeting massively. Moreover, Ripple’s lawsuit with the SEC might also be one of the many reasons why the cryptocurrency has failed to apprehend the needs of the investors. The crypto promises to induce developments by 2023, besides, most major cryptocurrency exchanges have delisted XRP from their respective trading platforms.
Solana plummeted more than 80% in 2022. The growth of Solana spooked some of the most avid BTC and ETH believers who wished that Solana might soon overtake Ethereum. SOL promotes more than 65,000 transactions per second. However, the crypto has recently been in the spotlight due to its recent network outages. This is one of the many reasons why investors have become quite skeptical about Solana’s future prospects.
BNB is one of the very few coins that witnessed a sharp jump while all other coins have been falling recently. But the sudden fall of BNB has spooked investors massively. The BNB token will probably decline once again, making way for investors to hoard the token as soon as possible.
Litecoin’s trading volume reduced significantly. LTC tokens have significantly pulled off modest price rallies, but the crypto is expected to significantly decline again, along with other altcoins.
Axie Infinity’s value drastically dropped after the Ronin hack. According to reports, its value has dropped to about US$2 million, from its original value of around US$300 million. Investors have become quite skeptical, given its security issues and the fact that the current crypto market conditions are not so favorable, which might cause a further decline in AXS’s value.
Avalanche is yet to display a bullish price retaliation in this major sell-off season. The crypto’s price continues to face major blows amid this volatile crypto landscape and experts believe that with trading volumes declining constantly, the price of Avalanche might go further down.
Polygon’s price is plummeting as a result of the crypto market crash. But more factors are contributing to the dropping value of the Polygon MATIC price. Concerns over Polygon’s performance might lead to massive sell-offs of the cryptocurrency.