Crypto Market Sees 70% Surge in COMP, Bitcoin Nears $85K, Ethereum Drops 46%

As April began, the cryptocurrency market experienced a strong uptrend, with many assets recording impressive gains. However, despite the positive momentum, some investors are cautious and are considering selling certain cryptocurrencies before prices potentially drop.

March was a lackluster month for the global crypto market, with top cryptocurrencies recording steep losses as the first quarter came to a close. The global crypto market capitalization settled at under $3 trillion, failing to meet traders' expectations. However, April has brought a ray of hope, with investors looking to sell certain cryptocurrencies before prices drop.

Compound (COMP) surged by 70% on April Fools’ Day following its listing by a South Korean exchange. The listing news sent COMP to a three-month high, with daily trading volumes surging significantly. However, the initial fervor is waning, with COMP trading at around $46 and several indicators pointing at a broader selloff. Investors are advised to take profits and sell their COMP holdings.

Bitcoin (BTC) is heading toward the $85K mark, gaining nearly 3% on April Fools’ Day. However, there are fears that the top cryptocurrency may experience a sharp correction in the near future. Weak manufacturing PMI and US job data threaten to erase BTC gains on April 1. Furthermore, Asian countries are planning a joint response to US tariffs, stoking further bearish sentiment for Bitcoin. Bitcoin ETFs have offloaded $93 million to end a 10-day positive buying streak, indicating that investors are taking profits and selling their BTC holdings.

Ethereum (ETH) is making a resurgence to reclaim $2,000, gaining nearly 4% and trading at $1,900 on April 1. However, investors might want to sell ETH given the streak of negatives around the crypto. The ETH/BTC ratio has dropped to its lowest ebb in five years, painting a glum picture for Ethereum. Apart from the recent growth spurt, Ethereum looks set to continue its poor run of form in Q1, losing 46% since the start of the year.

Solana (SOL) has recorded a jolt in prices as March came to a close on the backs of a broader market rally. However, investors are considering dumping the asset over the specter of an incoming steep correction. FTX’s $800m repayment is triggering worry for SOL holders following impending liquidations. An analysis predicts that SOL can drop to $100 following rejection at $145 as its memecoins face steep corrections.

Dogecoin (DOGE) is hurtling toward $1 after an impressive showing on April Fools’ Day. The dog-themed coin currently trades at $0.1720, climbing by nearly 4% over the last day. However, investors are advised to take their gains. Negative sentiments from Tesla CEO Elon Musk ruling out Dogecoin use by the US surrounds the asset. Furthermore, a falling wedge pattern for DOGE at the end of March and a false breakout leave investors in doubt over the crypto.