Why Top Cryptocurrencies Bitcoin, Ethereum, and Solana Plunged Today
Today, three of the five largest cryptocurrencies by market capitalization, Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and Solana (CRYPTO: SOL), saw substantial declines, bringing their weekly returns into the red. Over the past 24 hours, these tokens have sunk 5.5%, 7.3%, and 8.3%, respectively, as of 10:30 a.m. ET.
These returns generally paced the overall crypto market, which is unsurprising given that these three tokens account for approximately two-thirds of the aggregate market capitalization of the entire sector.
Interestingly, these three top tokens have begun to trade in closer correlation with equities in recent weeks, surging and plunging on macro news that has caused volatility not only in the crypto world but in equities as well. Today, it appears that overall risk-off sentiment from investors, in addition to concerns around rising coronavirus cases due to the omicron variant and tightening monetary policy related to surging inflation, have many taking a cautious approach to the crypto sector.
Source Fool.com
