Here's Why Algorand Is Today's Biggest Decliner Among Top-25 Cryptocurrencies
As of 2:45 p.m. ET today, popular cryptocurrency network Algorand (CRYPTO: ALGO) led declines among large-cap tokens. Out of all top 25 tokens, Algorand's decline of 5.2% was the largest of its peers.
Today's price action appears to be mostly market-related, with the overall crypto market down slightly over the past 24 hours, and down considerably in recent weeks, due to various macroeconomic headwinds. The rise of the omicron variant has spurred risk-off sentiment among growth investors, many of whom appear to be seeking safe havens for their portfolios.
And inflation concerns have driven a more hawkish view at the Fed, a view that could impact the availability of capital and capital flows into riskier asset classes such as cryptocurrencies.
Source Fool.com
