In the world of cryptocurrencies, a divergence is starting to take hold. Various altcoins such as Telcoin (CCC:TEL-USD) are moving out of sync with larger, more established cryptocurrencies like Bitcoin (CCC:BTC-USD) and Ethereum (CCC:ETH-USD). Indeed, the moves in TEL crypto recently reflect this reality in a big way.
With the crypto market in a real downward trajectory, it’s perhaps unsurprising to see altcoins performing worse than their more established peers. Indeed, since hitting a high of around $0.06 per token on May 9, TEL has declined nearly 80% to around $0.013 at the time of writing.
Today, Telcoin is grabbing attention as one of the most searched cryptocurrencies. Let’s dive into why this is the case and what investors may want to keep in mind with these speculative assets right now.
TEL Crypto On the Move to the Downside Today
The gyrations of the overall crypto market have not been positive over the medium-term. Truly, the past few months have not been friendly to crypto investors.
That said, this week, cryptocurrencies saw a nice boost mid-week on some heavy buying volume. It appears crypto investors are looking for a bottom with this selling pressure. For altcoins such as Telcoin, such hopes were quickly dashed.
Indeed, Telcoin was among the worst performers yesterday, losing 17% of its value in a 24-hour period. This made TEL one of the most searched cryptos as investors looked for reasons as to why the selloff occurred.
#telcoin thank you for breaking all my dreams 🥺 pic.twitter.com/iUSgbNSfEH
— Philippe Gosselin ⓣ (@Philippe_1985) July 16, 2021
However, little news has driven this selloff. Indeed, it appears sentiment continues to shift away from ultra-speculative crypto investments today. For investors looking at this space, mega-cap cryptocurrencies continue to remain in focus. Accordingly, investors may have better luck positioning themselves with the more established cryptocurrencies today. Volatility appears likely to persist in the small-cap crypto space.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
