Weekly Crypto Washout: The 10 Biggest Altcoin Declines in June 2024
ByAinvest
Sunday, Jun 30, 2024 2:45 pm ET1min read
ETH--
The cryptocurrency market experienced significant declines this week, with the top ten altcoins posting losses of up to 18.20% [1]. Bitcoin and Ethereum, the two largest cryptocurrencies by market capitalization, also suffered negative shifts, contributing to a broader bearish trend.
The market correction started with Pendle (PENDLE), which led the losses by breaching its 200-day Exponential Moving Average (EMA) [1]. Ethena (ENA) and Gnosis (GNO) also experienced significant losses, with ENA potentially testing its all-time low [1]. Sui Network (SUI) slipped below the $1 mark, reflecting the overall bearish sentiment in the market [1].
These declines come amidst Bitcoin's price slipping toward $60,000, with altcoins like Ethereum, Dogecoin, and Shiba Inu following suit [1]. Despite a drop in trading volumes, it remains to be seen whether the market will recover or continue its correction [1].
It is essential for investors to remain vigilant during market corrections and consider the reasons behind the potential vulnerability of their investments [1]. For instance, Pepe, a popular meme coin, has shown signs of straying from its all-time high (ATH) and could be at risk if it loses support at its current levels [1].
Other tokens, such as Quant's QNT and Arweave's AR, are performing well despite the overall market downturn [1]. Understanding the factors that contribute to the resilience of these tokens can help investors make informed decisions regarding their portfolios.
References:
[1] Ainvest. "Bitcoin Price Slump to $60k Amidst Widespread Altcoin Decline: Weekend Market Overview." Ainvest, 24 June 2022, https://www.ainvest.com/news/bitcoin-price-slump-to-60k-amidst-widespread-altcoin-decline-weekend-market-overview-24061000119a1e9441aa3844/
The cryptocurrency market saw significant declines this week, with the top ten altcoin losers experiencing a weekly drop of up to 18.20%. Bitcoin and Ethereum also suffered negative shifts, contributing to a broader bearish trend. Pendle (PENDLE) led the losses, breaching its 200-day EMA with a sharp decline. Ethena (ENA) and Gnosis (GNO) also suffered significant losses, with ENA potentially testing its all-time low, while GNO breached its key moving average. Sui Network (SUI) slipped below the $1 mark, reflecting the overall bearish sentiment in the market.
The cryptocurrency market experienced significant declines this week, with the top ten altcoins posting losses of up to 18.20% [1]. Bitcoin and Ethereum, the two largest cryptocurrencies by market capitalization, also suffered negative shifts, contributing to a broader bearish trend.
The market correction started with Pendle (PENDLE), which led the losses by breaching its 200-day Exponential Moving Average (EMA) [1]. Ethena (ENA) and Gnosis (GNO) also experienced significant losses, with ENA potentially testing its all-time low [1]. Sui Network (SUI) slipped below the $1 mark, reflecting the overall bearish sentiment in the market [1].
These declines come amidst Bitcoin's price slipping toward $60,000, with altcoins like Ethereum, Dogecoin, and Shiba Inu following suit [1]. Despite a drop in trading volumes, it remains to be seen whether the market will recover or continue its correction [1].
It is essential for investors to remain vigilant during market corrections and consider the reasons behind the potential vulnerability of their investments [1]. For instance, Pepe, a popular meme coin, has shown signs of straying from its all-time high (ATH) and could be at risk if it loses support at its current levels [1].
Other tokens, such as Quant's QNT and Arweave's AR, are performing well despite the overall market downturn [1]. Understanding the factors that contribute to the resilience of these tokens can help investors make informed decisions regarding their portfolios.
References:
[1] Ainvest. "Bitcoin Price Slump to $60k Amidst Widespread Altcoin Decline: Weekend Market Overview." Ainvest, 24 June 2022, https://www.ainvest.com/news/bitcoin-price-slump-to-60k-amidst-widespread-altcoin-decline-weekend-market-overview-24061000119a1e9441aa3844/
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