The highly anticipated fourth Bitcoin halving event took place last Friday, but unlike the previous halving, there was no dramatic price increase or collapse in the cryptocurrency market. Global market capitalization stands at $2.32 trillion, a modest decline of 1.37%, and trading volume decreased by 36% to $72.64 billion, reflecting a stagnant market. While some analysts are predicting a potential bull move by the end of the year, others are warning that some altcoins may face significant price declines in the coming days due to the aftershocks of the halving. This article discusses four altcoins that investors may consider selling before they experience further declines.
Wormhole ranks first among altcoins
Analyst Pooja Khardia thinks that after Bitcoin halving, some altcoins should be sold before it is too late. First among these is Wormhole. Wormhole, the interoperability platform that facilitates seamless token transfer between different Blockchains, has been in a continuous downward trend for the past two weeks. It lost a staggering 57.38% of its value in just 15 days and is currently trading at $0.5879. Its market value fell to $1.05 billion, reflecting investors’ hesitation. Daily trading volume also fell to $137 million, a significant decrease of 17.13%.
Wormhole, a relative newcomer to the market, hasn’t had much time to build a strong community, and analysts think this is contributing to its current woes. Despite a brief rally to $1.62 about two weeks ago, the token failed to sustain the momentum and recently broke its all-time low of $0.4642. Bitcoin halving and the resulting market fluctuations could push the price even lower.
What’s next for Starknet and Worldcoin?
On the other hand, Starknet, a decentralized ZK-Rollup aimed at scaling the Ethereum network, did not perform any better, according to the analyst. The token is currently trading at $1.33, a dramatic drop of 41.34% in just one month. During this period, it even fell to its all-time low of $1.15. This downward trend is not a new phenomenon; STRK’s price has been struggling to recover since its launch, likely due to a lack of strong community support and adverse market conditions. Its market capitalization currently stands at $884 million and its daily trading volume is $92 million, indicating waning interest from investors.
Additionally, at a time when many believe AI tokens will dominate the crypto market, Worldcoin, launched by prominent tech figure Sam Altman, is experiencing a slow decline, according to the analyst. The token has lost a significant 37% of its value in the past month and is currently trading at $5.02. Its market value is 958 million dollars and its daily trading volume is 268 million dollars.
Worldcoin experienced a price surge in late February coinciding with the launch of OpenAI’s SORA, but this momentum proved to be short-lived. General bullish market conditions at the time likely helped the token rise. However, due to its recent poor performance, it appears that Worldcoin has failed to capitalize on the initial excitement surrounding AI in the crypto space.
What’s next for Conflux?
The last altcoin on the analyst’s list is Conflux. Conflux (CFX) has also exhibited significant volatility in recent days. It is currently trading at $0.2399 and has fallen nearly 36% in the past month. The value of the token has been steadily falling since the end of March and there are no signs of a turnaround. Daily trading volume also fell to just $52 million, reflecting reduced investor activity.
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