BTC - Why Dogecoin Solana and Polygon Plunged This Week
2024-04-19 14:49:18 ET
It was another poor week for the crypto market as investors sold off cryptocurrencies ahead of Bitcoin 's (CRYPTO: BTC) halving. Not only are there projections that Bitcoin could drop, but the tech market has also been falling, and that's been more correlated with crypto than with anything else.
According to data provided by S&P Global Market Intelligence , Dogecoin (CRYPTO: DOGE) fell as much as 17.3% this week and is down 10.3% since last Friday's close as of 1 p.m. ET. Solana (CRYPTO: SOL) also fell as much as 14.6% but is now down only 3.1%, while Polygon (CRYPTO: MATIC) dropped 16.4% at its low and is now off 9.1%.
Bitcoin drives the crypto market, there's no way to get around it. So the upcoming halving has been seen as a bullish catalyst for the industry because previous halvings have resulted in Bitcoin's price jumping.
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Why Dogecoin, Solana, and Polygon Plunged This Week