Why Cardano, Avalanche, and Arweave Are All Plunging Today
Cardano (CRYPTO: ADA), Avalanche (CRYPTO: AVAX), and Arweave (CRYPTO: AR) are down 6.89%, 7.03%, and 6.30% respectively in the 24 hours up to 9:50 a.m. EDT. They are now trading at $2.48, $56.34, and $56.92 apiece.
Not surprisingly, ADA is plunging after a "sell the news" affair triggered by its long-awaited Alonzo upgrade. The hard fork enabled smart contract functionality on the Cardano blockchain on Sept. 12. ADA tokens have gained over 2,500% over the past year on this event.
As for Avalanche, AVAX tokens have gained around 20% in the past seven days and were due for a pullback. In a week's time, Ava Labs will be launching its mainnet after securing $60 million in funding to do so. Lastly, Arweave has been flying high since August as investors discover the potential of the world's first blockweave network. The technology gives users access to permanent, decentralized data storage on the blockchain.
Source Fool.com
