Why Altcoins Crashed on Friday
The value of cryptocurrencies cratered on Friday as an industrywide sell-off took hold. The biggest cryptocurrencies were down today but smaller cryptocurrencies, known as altcoins, were down even more. In some cases, values were down 20% in just the last 24 hours.
As of 11 a.m. ET, Polygon (CRYPTO: MATIC) had dropped as much as 17.4% in the last 24 hours, Avalanche (CRYPTO: AVAX) was down 17.9%, Cosmos (CRYPTO: ATOM) had fallen 14.5%, and Terra (CRYPTO: LUNA) had plunged 14.9%. They are down 13.3%, 14.6%, 9.4%, and 11.4%, respectively, as of 1:30 p.m. ET.
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Source Fool.com
