Underdogs Of The Halving: 4 Cryptos Hit Hard by Bitcoin Surge

The Bitcoin halving has sparked fresh optimism in the market, with many enthusiasts anticipating another surge in the value of top cryptocurrencies. Just two days post-halving, a positive momentum swept through most assets, leading to Bitcoin reclaiming lost gains incurred by pre-halving liquidations that drove its price below $63,000.

At the time of reporting, Bitcoin is currently trading at $66,256, with the majority of top crypto assets showing gains. Nonetheless, a few assets have experienced outflows, diverging from the overall market trend. Here are the primary decliners over the past 24 hours.

Following the halving, memecoins emerged as the primary casualties, with the majority of investors reallocating funds to leading cryptocurrencies poised to surge alongside Bitcoin. Dogwifhat experienced a 5.2% decline over the past 24 hours and a 2% drop for the week, erasing gains from earlier days.

However, Dowgithat sees a handover at $3, boasting a market capitalization of $2.9 billion. Trading volumes experienced a modest dip to $506 million. Though some memecoins saw slight downturns, analysts anticipate an uptick fueled by broader market gains post the Bitcoin halving.

Bitcoin Reaches $120.19, Altcoins Diverge

Monero, the privacy-focused cryptocurrency, experienced a marginal 1% decline over the past 24 hours. This week, it lost 2%, continuing a trend of outflows over the past two weeks amounting to 10.2%. Monero maintains a daily trading volume of $40.6 million, with XMR currently trading at $120.19. It remains a favored asset among various cryptocurrency enthusiasts.

The current value of Dogecoin sits at $0.16, experiencing a slight 0.9% decrease today amidst the halving trend. Similarly, various leading memecoins are trading with marginal losses following the Bitcoin halving. DOGE saw a 3.9% drop this week, resulting in monthly inflows shrinking to 0.2%.

The dominant memecoin is currently experiencing significant bullish sentiment within the cryptocurrency market, with numerous community members anticipating substantial profits. Despite Dogecoin’s struggles, the memecoin sector has seen a 1.5% increase in inflows, with certain assets showcasing remarkable gains.

Furthermore, the author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.