How to play the crypto correction

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

– Zack

Cryptocurrencies have been the top performing asset class of 2021 by a mile as nimble market players prepare for the rapidly changing future of finance. The total crypto market cap started the year under $ 800 billion. However, a tidal wave of fresh capital from individuals and pocket fund managers has pushed the value of this mystifying market up 240% since the start of the year (despite the recent plunge).

Traders are now reaping profits from their biggest winners, catalyzing a bearish domino effect that could easily push this market down 10% before a bottom is called. I have no doubt that investors and traders will buy back this market as soon as the momentum returns to the upside. My trades will be lining up on Fibonacci extension levels (downside targets) in key coins like Ethereum ETH and Bitcoin BTC for my entry points (this does not imply that I will buy one or the other simply for technical reasons).

The coin I’m looking to buy on this crypto trough is Solana SOL, which is positioned to replace Ethereum as the most useful digital asset. Solana is functionally identical to Ethereum, but supports transaction speeds over 1,000 times faster and fees 60,000 times lower.

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