Why Ethereum, Solana, and Cardano Dropped Today

After an impressive few weeks, the value of cryptocurrencies fell sharply on Thursday. The biggest market news was Federal Reserve chair Jerome Powell saying that he expected to support a short-term interest rate increase at March's Fed meeting, which some investors may have thought was currently off the table. 

At 12:50 p.m. ET, Ethereum (CRYPTO: ETH) had fallen 5% in the last 24 hours, Solana (CRYPTO: SOL) was down 7.6%, and Cardano (CRYPTO: ADA) was down 5.9%. 

Image source: Getty Images.

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Source Fool.com