"It's been a rough few weeks for cryptocurrency investors, with the valuations supporting a wide swath of digital assets in this sector driving significant selling pressure over the past month. Indeed, over this time frame, the market capitalization of all cryptos fell roughly 9% as investors seemingly looked to take profits off the table ahead of what many expected could be a wider-spread selloff of all tech-related assets."
"Like it or not, cryptocurrencies are supported by blockchain technology, and the native tokens which represent these projects are highly correlated to speculative assets in the equity market, such as unprofitable tech stocks. When we see valuations surge in such areas of the equity market, various top cryptos can soar even higher. The inverse, of course, is also true. So with "Uptober" having failed its duties in providing historically high performance for investors, let's dive into three tokens that could be best-positioned to come out of this selloff ahead."
Market capitalization of all cryptocurrencies fell roughly 9% as investors took profits amid fears of a wider tech selloff. Native tokens remain highly correlated with speculative equity assets, meaning crypto often follows movements in unprofitable tech stocks. Valuation surges in those equity areas can lift top cryptocurrencies, and declines can drag them down. One token highlighted as well-positioned is Solana (SOL). Solana offers an ultra-fast, ultra-low-cost consensus mechanism that processes transactions almost instantaneously, with typical fees of only pennies. Solana was built for scalability and has largely addressed past outages and security concerns, reflecting team improvements.
Read at 24/7 Wall St.
Unable to calculate read time
Collection
[
|
...
]