Why Altcoins Like Polygon and Uniswap Plummeted This Week
Skittish investors drove down the price of a host of altcoins this week, due in no small part to an alarming report from a crypto services firm. This analysis speculated that the hoped-for regulatory approval of the first spot cryptocurrency exchange-traded funds (ETFs) is not going to occur.
This dinged the prices of many coins and tokens, no matter how large and well established (or obscure and infrequently traded). Prominent altcoins Polygon (CRYPTO: MATIC), Uniswap (CRYPTO: UNI), and Litecoin (CRYPTO: LTC) -- to name only three -- really took it on the chin. According to data compiled by S&P Global Market Intelligence, the trio fell a respective 14%, 18%, and 12% over the course of the week.
The analysis, published on Tuesday, was the latest weekly report of a crypto company known as Matrixport -- hardly a famous name even in the niche digital currency world. Its conclusions were contrarian and alarming, though, and as such they spread around the crypto community like a wildfire.
Source Fool.com
