Why Cardano, XRP, and Avalanche Tokens Plunged on Friday

Black Friday has been a day of red for the overall cryptocurrency market, with most major tokens posting sizable sell-offs. Cardano (CRYPTO: ADA), Ripple (CRYPTO: XRP), and Avalanche's (CRYPTO: AVAX) tokens were down roughly 7%, 9%, and 11%, respectively, over the previous 24 hours, as of 5:30 p.m. ET. Bitcoin was down roughly 8% and Ethereum's ether token fell roughly 9%.

Cryptocurrencies aren't alone in posting big sell-offs recently. In general, investors have been moving out of high-risk investments, and stocks got hit hard in today's trading as well. Friday's sell-offs in the cryptocurrency market may be most closely tied to the emergence of a new COVID-19 strain, but other factors are likely at play as well.

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Source Fool.com