BCH - Why Ethereum Dogecoin and Bitcoin Cash Are Slumping Today
2024-04-29 16:25:27 ET
Many of the closest-watched large-cap cryptocurrencies are seeing significant selling pressure in the market today. Ethereum (CRYPTO: ETH) , Dogecoin (CRYPTO: DOGE) and Bitcoin Cash (CRYPTO: BCH) have dropped 4.5%, 5.8%, and 3.8%, respectively, over the past 24 hours as of 2:30 p.m. ET.
These moves come despite relatively strong price action in the stock market, with a number of more speculative meme stocks surging today. With cryptocurrencies associated closely with these assets (particularly when we're talking about meme tokens such as Dogecoin), one needs to ask the question -- what's going on here?
It does appear some uncertainty around this week's upcoming Federal Reserve Open Market Committee meeting is leading to declines among major tokens, driving uncertainty with the macro backdrop in this space. But there are also some key token-specific fundamental factors that also appear to be in play. Let's dive into what's causing today's turmoil among these three top tokens.
For further details see:
Why Ethereum, Dogecoin, and Bitcoin Cash Are Slumping Today