SOL - Ethereum Solana and XRP Are Slumping Today. Here's Why.
2024-01-03 15:50:50 ET
Well, that rally to end 2023 and into early 2024 had to end at some point.
Many of the top cryptocurrencies in the market are reeling today, as risk assets across the board decline on a variety of headwinds. Ethereum (CRYPTO: ETH) , Solana (CRYPTO: SOL) , and XRP (CRYPTO: XRP) are among the tokens to watch for crypto investors, having declined 6.7%, 9.2%, and 8.4%, respectively, over the past 24 hours at 3 p.m. ET.
A number of macro forces are driving most long-duration assets lower today. A strengthening U.S. dollar, a decline in long bonds (and corresponding surge in yields), and a widespread rotation to more defensive assets has plagued more speculative asset classes such as crypto over the past 24 to 48 hours.
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Ethereum, Solana, and XRP Are Slumping Today. Here's Why.