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Why Investors Were Ditching Altcoins on Wednesday

TheMotleyFool 
0 0 24.10.24
Why Investors Were Ditching Altcoins on WednesdayPhoto, wide shot, wide-angle lens, Mobile phone network, sunset photo at golden hour, photo by Thomas Heaton: https://img.theapi.app/temp/828b91fb-678a-4621-906b-21e972059e7d.png
 

A gloomy stock market and news -- well, vibrant speculation -- of a pending sell-off by a major corporate cryptocurrency holder put the hurt on altcoins Wednesday.

A nervous market traded out of many of the better-known coins and tokens in that universe. Among the many decliners was Avalanche (CRYPTO: AVAX), which was off by almost 4% over the past 24 hours in late afternoon trading. Aptos (CRYPTO: APT) was also down by a similar percentage, while Chainlink (CRYPTO: LINK) had it worse with an almost 6% slide.

As much as some crypto-heads might wish it to be so, cryptocurrencies do not trade in their own special investment bubble. As a group, they can also be very much affected by how other clusters of assets do on a given day.

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Source Fool.com

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