What’s wrong
So … if you haven’t checked your crypto portfolio yet, you might want to.
The crypto market is currently in turmoil. Most major cryptocurrencies are bleeding caused by massive movements at the top of the value chain.
The market turmoil began late Friday night and continued until early Saturday morning. But by the end of Saturday, much of the market turmoil had declined to some extent.
At 11:45 pm ET, Cardano (CRYPTO: ADA) When Ripple (CRYPTO: XRP) They were two of the biggest losers in the cryptocurrencies of large cap stocks. Cardano has decreased by 8.4%, while Ripple has decreased by 7.4% in the last 24 hours.
However, Solana (CRYPTO: SOL)The top five cryptocurrencies by market capitalization have recovered most of their profits from previous cryptocurrency crashes, down only 1.8% since the onset of the turmoil.When Terra (CRYPTO: LUNA) It has increased by 20.8% in the last 24 hours.
Image Source: Getty Images.
So what
Let’s start with the good news-Tera is a big winner in recent megacap cryptocurrencies. This network provides an important stable coin infrastructure and seems to be increasingly seen as a more stable (not a joke) hedge against the volatility that is causing havoc in the crypto market.
Positioning Solana as a competitive smart contract / decentralized finance (DeFi) network Ethereum We urged many investors to consider this top token. Therefore, the market seems to be taking a by-the-dip approach with this top token.
Ripple and Cardano are two cryptocurrencies with their own set of recent token-specific headwinds. Various regulations and delisting concerns have plagued two cryptocurrencies, leading to headwinds that seem to hinder the recovery of these tokens today.
So
Looking at the price behavior of these four cryptocurrencies, investors can get rid of two things.
First, the crypto market is a fast-moving space with a very unique blockchain, each with its own catalyst and headwinds. Investors considering token choices need to consider a variety of factors before jumping in. Choosing individual tokens is a risky business.
Second, market-specific forces have been and will continue to gain momentum across the sector. However, there is always room for deviation from market-specific catalysts. In this case, Terra Luna’s upturn momentum has masked the turmoil this weekend. And Solana seems to be resting it upwards.
Perhaps Ripple and Cardano will catch up with their peers. However, investors seem to be more selective in the tokens they are choosing to buy dips today.
This article represents the opinion of a writer who may disagree with the “official” recommendation position of the Motley Fool Premium Advisory Service. We are miscellaneous! Asking investment papers (even our own) helps us all think critically about investment and make decisions that help us become smarter, happier, and richer. It will help.
