ALERT: Top 5 Cryptos to Avoid Trading THIS WEEK!
Release: 2024/04/03 09:49 Reading: 798
Despite the recent consolidation, cryptos are still looking for a bright future. However, with great opportunities come inherent risks. This week, the landscape of crypto seems especially treacherous, and there are specific tokens traders should be wary of. Here are the top 5 cryptos to avoid trading this week
Market Consolidation: What It Means
Before we dive into the specific cryptocurrencies to steer clear of, let’s understand the backdrop. Recently, the crypto market has shown signs of consolidation. This phase, often characterized by reduced price movement and uncertainty, can make it difficult to predict price trends, increasing the risk for traders.
FTX’s Market Move: A Watershed Moment
Adding fuel to the fire is the recent news from FTX, a major crypto trading platform. They’ve begun to liquidate most of their tokens on open markets. This move has not only sent ripples across the market but has also raised many eyebrows regarding the possible repercussions on the prices of these tokens.
The Danger of Big Whales in Turbulent Waters
When a significant entity, often referred to as a ‘whale’ in crypto parlance, starts to unload a vast amount of tokens, the market typically reacts. Prices can plummet rapidly and without warning. On the other hand, if you’re considering shorting these tokens anticipating a price drop, think again. The crypto realm is filled with whales, and another might just decide to buy, pushing the prices upwards. Such moves can be lightning-fast, making the market highly unpredictable during such times.
Top 5 Cryptos to Avoid Trading This Week
#1 Solana (SOL)
One of the fastest-growing cryptocurrencies of the year, Solana, with its promise of scalability and faster transactions, has caught the attention of many. However, its inclusion in FTX’s liquidation list makes it a risky proposition this week.
#2 Bitcoin (BTC)
The behemoth of the crypto world, Bitcoin, is not immune to market tremors. Given its dominance and the sheer volume held by FTX, traders should be extra cautious.
#3 Ethereum (ETH)
Ethereum, the second-largest cryptocurrency by market cap, has been at the forefront of the DeFi revolution. Yet, the FTX news has cast a shadow over its immediate trading future.
#4 Aptos (APT)
While not as famous as Bitcoin or Ethereum, Aptos has been steadily gaining traction in the market. Its presence on the FTX liquidation list, however, makes it a potential hotspot for volatility.
#5 Dogecoin (DOGE)
Born as a meme, Dogecoin has had a tumultuous journey, marked by soaring highs and sharp drops. With the looming FTX liquidation, it might just be set for another roller-coaster week.
Additional Cryptos on the Caution List
Apart from the above five, other tokens that traders should be wary of include Matic and XRP. Their association with the FTX liquidation process makes them susceptible to unpredictable price movements.
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