Here are the altcoins to avoid during the market correction

The digital asset market has seen a downward trend this week, prompting investors to consider selling their cryptocurrencies to prevent further losses.

Discussions on social media indicate that most users view this sell-off as a short-term strategy in response to an intensifying market correction. The current decline in the market is due to a reduction in institutional buying, especially after the price of Bitcoin fell below $70,000.

At the time of writing this article Bitcoin is trading at a price of $61,195, which shows a decline of 4.6% and maintains a relatively better position compared to most altcoins. Total market capitalization is down to $2.24 trillion. Double-digit declines in many areas further soured market sentiment. Here are five cryptocurrencies that investors may consider selling to avoid short-term losses:

Dogecoin (DOGE)

Market analysts suggest selling on Dogecoin due to deteriorating moods. DOGE is down over 4% in the last 24 hours. Weekly trading is down 11%, contributing to broader losses among meme coins. At the time of writing, the price of DOGE is $0.1176.

Shiba Inu (SHIB)

Shiba Inu has tumbled 14% in the past week, mirroring the outflows seen in other meme cryptocurrencies. Holders are selling due to bearish market conditions, with the price at time of writing at $0.00001667. Long-term indicators are also negative, making SHIB one of the cryptocurrencies to consider selling amid continued losses.

Left (LEFT)

Solana is down 3%, trading at $128.08 at the time of writing, which is several levels of resistance from the 2024 Q10 highs. The asset has lost 23.6% in the past week and is down 59% in the last month. The market capitalization stands at $XNUMX billion, which shows a decline from its previous performance.

Toncoin (TON)

Despite earlier gains this year, Toncoin has been facing bearish sentiment lately. At the time of writing, the price is $7.33, representing a 4.3% drop over the past 24 hours amid broader crypto market pressure. The altcoin suffered a decline of 6.45% in the last week, but nevertheless suffered a 17% increase on a monthly basis.

Avalanches (AVAX)

Avalanche is down 0.35% in the last 24 hours, trading at $24.14. Despite increasing trading volumes, AVAX continues its downward trend. The asset has suffered a 14.5% loss over the past week and a 36% decline over the past month, driven by recent outflows.