Why Are Bitcoin, Ethereum, and Dogecoin Down Today?

What looked to be a broad-based recovery among top cryptocurrencies last week has once again turned around this week. Top tokens Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Dogecoin (CRYPTO: DOGE) all declined considerably this morning.

For Bitcoin and Ethereum, today's moves lower have essentially erased all the positive momentum those tokens saw last week. Over the past 24 hours, Bitcoin and Ethereum are down 2.4% and 3.9% as of 9 a.m. ET. Reports that 30% of Bitcoin holders are now in the red have some recent investors spooked. Additionally, El Salvador's credit rating has come under pressure by ratings agencies over recent Bitcoin buying, with the country's risk of default seen as elevated following recent Bitcoin purchases. For Ethereum, much of this token's recent decline appears to be related to investors continuing to look at investing in smaller competing blockchain ecosystems over the world's top smart-contract-enabled blockchain network.

Image source: Getty Images.

Source Fool.com

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