Out of the 24 largest cryptocurrencies worldwide, Bitcoin has become the most popular for American investors to sell. A recent study used Google Trends data to determine which crypto coins had the most online searches for potential cryptocurrency investors. Significant market fluctuations and general economic concerns have created more of a seller’s market in the United States.
The study, conducted by an expert panel at Cryptogambling.tv, generated a list of the top five cryptocurrencies American investors are most likely to put on the market. Many of these cryptocurrencies have become familiar names to investors and non-investors alike. However, their presence on the shortlist does not indicate a long-term trend in the notoriously volatile cryptocurrency market.
Here are the top five cryptocurrencies most likely to be found on the “for sale” side of the marketplace today:
In 2022, the value of Bitcoin fell below $16,000, triggering concerns among investors about a long-term devaluation of the leading form of cryptocurrency. Some Bitcoin owners may sell off their stash in 2023 to cut their losses. Others may sell to re-invest in other cryptocurrencies or more mainstream financial opportunities, such as precious metals.
Ethereum is the second most popular cryptocurrency for American investors to sell. Overall, Ethereum is considered one of the safest forms of crypto in the long term, with a 20% share of the global market. The current value of Ethereum is $1,458, but a shift from PoW to PoS processing could limit future supplies.
Placing third on the shortlist is XRP, but not for the best reasons. The value of XRP is expected to be $0.198 by the end of 2023. Ongoing legal issues with the SEC have also soured many experienced crypto investors on XRP’s future. Beginning investors, however, could benefit from the cryptocurrency’s affordable upfront costs if they are willing to hold out hope for a meaningful recovery.
The cryptocurrency Dogecoin may have started as one of Elon Musk’s inside jokes, but it has somehow managed to remain one of the top choices for investors. Dogecoin actually experienced 15,000% growth in 2021. However, it remains a question mark in terms of long-term market survival. It is not as widely accepted as other cryptocurrencies, and supplies are expected to become limited over time.
Rounding out the shortlist of cryptocurrencies American investors sell most often, Shiba Inu has a top rating in the crypto market but also suffers from a long-term confidence issue. The crypto coin has seen a 92% drop in value since 2021, which has prompted a sell-off among short-term investors. Others are hoping for Shiba Inu’s return to form, considering its current $589 trillion valuation.
Other Cryptocurrencies Just Off the Charts
Cryptogambling’s study also revealed five other cryptocurrencies most likely to be sold off by American investors. They include less familiar names, such as Avalanche, Solana, TRON, Monero, and Uniswap. As with many entities in the cryptocurrency marketplace, investor confidence can wax and wane significantly yearly. Selling an underperforming crypto investment and a white-hot crypto coin has advantages for beginning and experienced investors.