Why Altcoins Were Tanking This Week
What goes up must inevitably come down, as we investors know far too well. The crypto market has been one of those big asset clusters resolutely obeying gravity over the past few days, with many coins and tokens booking losses in excess of 20% and even 30%. These are not the best times for digital money.
The rout didn't spare many cryptos. According to data compiled by S&P Global Market Intelligence, high-profile meme token Shiba Inu was a dog of an investment with a nearly 21% decline across the week. Doing even worse were Bitcoin hard fork Bitcoin Cash and utility token Chainlink, with respective 26% and 27% falls. Worse still was Avalanche's 30% sag.
At the end of last year and the beginning of this one, cryptocurrencies benefited from a set of positive factors supporting their value. A major one was the electoral success of the ticket of Donald Trump and crypto investor JD Vance, which implied a new dawn for the asset class. Interest rates were getting the chop, too, and the skinnier numbers were a boon to riskier investments like digital coins and tokens.
Source Fool.com
