Alt Coins in Trouble: Solana and Terra Classic Lead the Way with Double Digit Declines

In the Brief:

  • Major declines for Solana and Terra Classic
  • Altcoin market suffers
  • Temporary blip or sign of further troubles?

2 - 3 minute read

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%.

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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.

Disclaimer: The content in this article is provided for informational purposes only and should not be considered as financial or trading advice. We are not financial advisors, and trading carries high risk. Always consult a professional financial advisor before making any investment decisions.

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