Why Altcoins Plunged This Week
The crypto market took a nosedive this week, and it wasn't just Bitcoin (CRYPTO: BTC) that was impacted, although it is down 2.8% over the past week and trading at $67,455 as I'm writing. Magnifying the volatility were the performances of altcoins, which dropped by double-digit percentages in many cases.
According to data provided by S&P Global Market Intelligence, Cardano (CRYPTO: ADA) fell by as much as 13.5% in the past week, Uniswap (CRYPTO: UNI) plunged by as much as 14.8%, and Dogecoin (CRYPTO: DOGE) was off 20% at its low. Those tokens were down by 9.1%, 11.2%, and 14.1%, respectively, as of 2 p.m. ET Friday.
There was a massive "risk off" trade after Federal Reserve officials suggested that it would put off cuts to the benchmark federal funds rate for longer than had been expected. The market responded by pushing interest rates higher in the U.S. and around the world.
Source Fool.com
