How To Play The Crypto Correction

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The digital currency space is shrinking after reaching nearly $ 3 trillion in total market value last week. It has officially entered correction territory (10% to 20% decline from recent highs). Nothing is surprising about a 10% pullback in this highly volatile market, but this current correction is the most significant digital currency seen since September and it could mean more pain to come.

Cryptocurrencies have been the best performing asset class of 2021 by a mile as nimble market participants prepare for the rapidly evolving future of finance. Total crypto market capitalization started the year below $ 800 billion. However, a wave of fresh capital from individuals and pocket money managers alike has pushed the value of this puzzling market up to 240% so far this year (despite the recent slump).

Traders are now taking profits from their biggest winners, catalyzing a bearish ripple effect that could easily send this market down another 10% before a bottom is hit. I have no doubt that investors and traders will buy this market again once momentum returns to the upside. My trades will be queued from Fibonacci extension levels (downside targets) on key currencies like Ethereum ETH and Bitcoin BTC for my entry points (not implying that I will buy or use for technical reasons only).

The currency that I am looking to buy in this crypto dip is Solana. SUN, which is positioned to replace Ethereum as the most useful digital asset. Solana is functionally the same as Ethereum but supports over 1,000 times faster transaction speeds and 60,000 times lower fees.

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