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The altcoin market has taken a beating today, with Solana and Terra Classic leading the charge with double digit declines. Solana saw a 10% drop in its price, falling below the $10 mark, while Terra Classic experienced a 12% decline, dropping to $0.0002.
Ethereum, Ripple, Cardano, MATIC, Polkadot, Tron, Litecoin, and Shiba Inu have all seen drops of up to 5% in the past day. Dogecoin has suffered a slightly larger decline of 5.5%, bringing it close to breaking below the $0.07 mark.
The overall crypto market cap has lost $15 billion in the past day, falling below the $800 billion mark on CoinMarketCap. Bitcoin, which had come close to reaching the $17,000 mark earlier this week, has also seen a decline, falling 1% to a current price of around $16,500. Its market capitalization has dropped to $320 billion, but its dominance over the altcoins has increased to 40.1%.
The altcoin market had been relatively stable in recent days, with Ethereum hovering around the $1,200 mark for the past week. However, the market has taken a turn for the worse today, with several major altcoins experiencing significant price drops.
It remains to be seen whether these declines are a temporary blip or a sign of further troubles to come in the altcoin market. Investors will be watching closely to see how the market recovers in the coming days.