Why Many Altcoins Were Sinking This Week
Less-than-inspiring U.S. macroeconomic data contributed to a general decline in altcoin prices this week. According to data compiled by S&P Global Market Intelligence many -- but certainly not all -- were suffering notable declines week to date as of Friday before market open.
Stacks (CRYPTO: STX) was one of them, with a 13% drop across that period. More or less matching that slump were Immutable (CRYPTO: IMX) and Kaspa (CRYPTO: KAS). As ever, though, there were a few healthy plants shooting up through that bone-dry desert floor. Bolstered by news of a new Layer-2 platform created by its developer, Uniswap (CRYPTO: UNI) was enjoying a nearly 17% increase.
All things being equal, if an economy -- local, national, or global -- starts looking weak, most investments will start to lose their luster. A slumping economy typically leads to consumers pulling back their spending, while investors become more conservative and start favoring safe-harbor assets.
Source Fool.com
