Why Altcoins Were Crushing It on Monday
As groupings, financial markets have a tendency to overreact to the latest news affecting their components. This trend is especially acute with cryptocurrencies, as they are -- justifiably -- considered to be inherently volatile investments.
This overreaction to news and head-spinning volatility were strongly in evidence last week with cryptocurrencies, as softer-than-expected jobs growth renewed fears of economic weakness in our near future.
But many crypto-heads felt that their fellow investors went too far in their sell-offs, and started considering the sector as a whole to be oversold. Since the weekend, they've been piling in to many coins and tokens, with popular altcoin Avalanche (CRYPTO: AVAX) rising almost 15% since 4 p.m. ET last Friday, Sui (CRYPTO: SUI) following close behind with a nearly 14% pop, and Stacks (CRYPTO: STX) also posting a double-digit gain, at just under 13%.
Source Fool.com
