The cryptocurrency market is facing several downturns due to the declining conditions of the stock market. Fear and panic are spilled over the financial and economic markets as financial experts predict that the investors will soon experience a recession, inflation, and other financial downturns. As major cryptocurrencies like Bitcoin and Ethereum continue to plummet, more and more investors wish to flee the market, which is adversely affecting daily trading volumes and reducing the overall crypto market cap. According to experts, the primary trigger for the current crypto crash is heightened by inflation fears and service pausing by several crypto exchanges. These incidences have led to the formation of weak cryptocurrencies that are demonstrating weak price movements. Here, we have listed some of the top cryptocurrencies whose prices might further decline this year.
The Terra LUNA cryptocurrency fell drastically after the collapse of UST. Terra was one of the fastest-growing cryptocurrencies in the market and became one of the biggest cryptocurrencies to wipe away most of the investors' money. Terra LUNA's value did rise after the LUNC and USTC cryptos finally demonstrated some price actions. But Terra is still quite volatile and may slide down back again.
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, 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.
Sandbox is a blockchain-based virtual world that enables users to design, develop, buy, and sell digital assets in the form of a game. Sandbox utilizes decentralized autonomous organizations and NFTs to create a decentralized platform. But even after all its utilities and real-world use cases, Sandbox has plummeted more than 23% this year and is expected to slide further down.
Aave experienced a dramatic plunge with almost a 10% price drop over the first week of June. The total value of the AAVE token was minimized significantly. Currently, the crypto is trying to sustain its 20 EMA, but its falling wedge pattern demonstrates that its value might further fall below.
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.
Bitcoin is one of the top cryptocurrencies in the market, but the crypto's falling prices demonstrate that BTC will further go down. At the time of writing this article, the BTC price is revolving around the US$19k mark, struggling to find some resistance and cease its free-falling. Experts say that Bitcoin's next resistance would be around US$15k, indicating that the crypto might fall further.
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 further decline AXS's value.
Ethereum's performance is quite similar to Bitcoin. Ether's price has been rapidly declining along with Bitcoin's. Currently, at the time of writing this article, Ether's price is revolving around US$1k, from its all-time highs of US$4,000. Based on present predictions, Ethereum might experience three-digit price values in the coming months.
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 fall further down below.
Based on predictions, the ALGO price is set to drop below US$0.40 in the coming months. The recent turmoil in the stock market is drastically reducing the total of the crypto market, affecting thousands of altcoins in the process. Algorand is just another cryptocurrency that has not yet demonstrated any bullish price action amid these severe market conditions. It seems like the crypto is set to decline further.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.