• Altcoins have been bleeding out, with Solana and Terra Classic suffering the most significant losses.
• Ethereum has fallen just under the $1,200 level after a 2% decline.
• Ripple, Cardano, MATIC, Polkadot, Tron, Litecoin, and Shiba Inu have all seen daily drops of up to 5%.
The crypto market has been in a heated state in the past few days, with bitcoin hovering around the $17,000 mark. But the major cryptocurrency failed to break above that level yesterday and has since retraced by a few hundred dollars, dipping to the $16,500 region earlier today. But while bitcoin has seen a slight decline, the altcoins have suffered even more, with the likes of Solana and Terra Classic seeing the biggest losses.
Solana and Terra Classic have both seen double-digit losses, with the former dropping by over 11% in the past 24 hours and the latter by over 17%. These two altcoins had been performing particularly well in the past few weeks, but the recent market downturn has seen them both suffer major losses.
Ethereum has also dropped just below the $1,200 level after a 2% decline. The asset had been hovering around the $1,200 mark for about a week, but the bearish market has seen it dip below that level. Ripple, Cardano, MATIC, Polkadot, Tron, Litecoin, and Shiba Inu have all experienced a decline of up to 5%, making them the other altcoins that have suffered the most in the past 24 hours.
Dogecoin has seen a relatively mild decline of 1.5%, but this is still enough to bring its price down to the $0.058 mark. The meme coin had been performing particularly well over the past few weeks, but the recent market downturn has seen it decline slightly.
It’s clear that the altcoins have been affected more than bitcoin in this recent market downturn. While bitcoin is still hovering around the $16,500 mark, the altcoins have seen much larger losses, with Solana and Terra Classic dropping by double digits. Ethereum, Ripple, Cardano, MATIC, Polkadot, Tron, Litecoin, and Shiba Inu have all experienced drops of up to 5%, and Dogecoin has also seen a mild decline of 1.5%. It remains to be seen how the market will develop in the coming days, but it’s clear that the altcoins are taking the brunt of the recent downturn.