Why Altcoins Like Chainlink and Filecoin Slumped This Week
Although there were some signs of revival at the end of this week for the altcoin market, many of the more popular assets in the space continued to trade down. For example, according to data compiled by S&P Global Market Intelligence, Chainlink (CRYPTO: LINK) ended the period 9% lower, Filecoin (CRYPTO: FIL) declined by 5%, and Near Protocol (CRYPTO: NEAR) lost over 3% of its value.
We're still in a period of adjustment after the big market shake-up that followed the launch of spot Bitcoin (CRYPTO: BTC) exchange-traded funds (ETFs). Many coins and tokens are picking themselves off the ground, but slowly.
Bitcoin, by far the most popular cryptocurrency and the one with the highest market capitalization, casts a long shadow over the digital currency landscape. With the debut of those spot Bitcoin ETFs, many people and institutions reallocated their crypto investments toward Bitcoin, to the detriment of altcoins.
Source Fool.com
