ARB - Why Altcoins Like Cardano and Arbitrum Flopped This Week
2024-01-19 18:44:00 ET
Is the Great Crypto Rally of 2023 to 2024 over? It was certainly reasonable to think so this week, as both leading coins and altcoins alike shot downward in price.
Some of the more popular and once-upwardly mobile altcoins weren't spared in the dive. Cardano (CRYPTO: ADA) declined at a 9% clip, according to figures from crypto-exchange operator Coinbase . S&P Global Market Intelligence data showed that peers Arbitrum (CRYPTO: ARB) and Ethereum Classic (CRYPTO: ETC) took even heavier blows, declining by a respective 18% and 15%.
While the old saw "buy the rumor, sell the news" doesn't always apply to investments, it was undoubtedly a dynamic behind the drops of Cardano and its ilk this week. Late last year the excitement over spot cryptocurrency exchange-traded funds (ETFs) began to build, reaching a crescendo when a pack of them -- 13, to be exact -- were approved for trading by the Securities and Exchange Commission (SEC) last week.
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Why Altcoins Like Cardano and Arbitrum Flopped This Week