Why Bitcoin, Ethereum, and Dogecoin Dropped Again Today

Today's price action among top cryptocurrencies Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Dogecoin (CRYPTO: DOGE) certainly has investors on edge. As of 11:30 a.m. ET, these tokens have declined 1%, 0.7%, and 1.5%, respectively.

As in previous weeks, high correlation among these top tokens and higher-risk equities appears to be the fundamental driver of this underperformance today. Following rather underwhelming results from PayPal and Meta Platforms over the past couple of days, the Nasdaq has moved materially lower. This higher correlation, previously a good thing for these tokens, has since provided yet another headwind as investors sell off risk assets en masse.

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Source Fool.com