Why Solana, Cosmos, and Algorand Are Seeing Wild Trading Action Today

Altcoins Solana (CRYPTO: SOL), Cosmos (CRYPTO: ATOM), and Algorand (CRYPTO: ALGO) are up a respective 3.9%, 24.75%, and 46.77% in the past 24 hours, as of 2:30 p.m. EDT. They are now trading at $186.17, $26.61, and $2.44 apiece, respectively. Yesterday, regulatory scrutiny surrounding influencers promoting risky altcoins had led to a broad sell-off in the cryptocurrency market, causing significant levels of market volatility when mixed in with new project developments.

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Solana had the greatest level of variance, with prices actually surging to $215 per token at 10:19 a.m. EDT before falling back down to $184.77 as of 3:23 p.m. EDT. Earlier today, J.P. Morgan issued a stark warning to altcoins, namely Solana, over record levels of investor mania. Solana is a popular decentralized finance (DeFi) token that traded as low as $2 at the beginning of the year.

Source Fool.com