Altcoins Bleeding Out: Solana and LUNC Crash by Double Digits (Market Watch)
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After bitcoin’s failure at $17,000 yesterday, the asset has retraced by a few hundred dollars and dipped toward $16,500 earlier today.
The altcoins have suffered even more, led by massive daily price declines from the likes of Solana and Terra Classic.
**> **Altcoins in Red
Most alts were rather calm in the past few days, but that has changed on a daily scale now. Ethereum stood above $1,200 for about a week, but a 2% decline has pushed it to just under that level.
Ripple, Cardano, MATIC, Polkadot, Tron, Litecoin, and Shiba Inu have all retraced by up to 5% in a day. Dogecoin has seen a bigger price drop of 5.5%, and the first-ever memecoin is close to breaking below $0.07.
However, Solana’s price decline is the most substantial of the top 20 digital assets. SOL is down by over 10% in a day and dipped below $10 earlier.
LUNC has also gone down hard following a burning mechanism update from Binance. The asset was among the best performers in the past few days, but a 12% drop now has taken it down to $0.0002.
The crypto market cap has shed off $15 billion daily and has dipped below $800 billion on CoinMarketCap.
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