So…those who haven’t checked their crypto wallets yet might like.
Cryptocurrency markets are in turmoil right now. Most cryptocurrencies are bleeding, driven by massive moves at the top of the value chain.
This market turmoil started late on Friday evening and continued into early Saturday morning. However, by the end of Saturday, much of the chaos in the market had faded somewhat.
As of 11:45 PM ET, Cardano (CRYPTO: NO) And ripple (CRYPTO: XRP) They were two of the biggest losers among the big cap cryptocurrencies. Cardano stock is down 8.4%, while Ripple has seen declines of 7.4% in the past 24 hours.
However, Solana (CRYPTO: SOL)The top 5 cryptocurrency by market capitalization has reclaimed most of its gains from the previous crash of cryptocurrencies, down just 1.8% since the chaos began. And Tera (CRYPTO: LUNA) The biggest winner was 20.8% in the last 24 hours.
Starting with the good news – Terra has been the big winner among the huge cryptocurrencies lately. This network provides a critical stable infrastructure for coins, and appears increasingly to be seen as a more stable (no kidding) hedge for the chaotic volatility of the cryptocurrency markets.
Solana’s position as a smart contract / decentralized finance (DeFi) network that can compete with it Ethereum Many investors have been tempted to look into this token. Accordingly, the market appears to be taking a buy-down approach with this higher coin.
Ripple and Cardano are two cryptocurrencies that have had their own set of token headwinds in recent times. It has hit many regulatory and crypto delisting concerns, leading to headwinds that appear to derail the recovery of these coins today.
Looking at the price action of these four cryptocurrencies, two things can be taken away from investors.
First, the cryptocurrency market is a fast-moving space with highly unique chains, each with its own individual triggers and headwinds. Investors looking to pick a token should consider a variety of factors before jumping into it. It is a risky business, as they choose individual symbols.
Second, market-specific forces can and will continue to drive momentum across the sector. However, there is always room to differ from market-specific catalysts. In this case, the turmoil of this weekend has been overshadowed by the bullish momentum on Terra Luna. It seems that Solana is breaking it to the upside.
Perhaps Ripple and Cardano will catch up with their peers. However, it appears that investors are becoming more selective with which tokens they choose to buy pullbacks today.
This article represents the opinion of the author, who may disagree with the “official” recommendation position of the Motley Fool Premium Consulting Service. We are diverse! Asking about an investment thesis — even if it’s our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.