SOL - Why Ethereum Dogecoin and Solana Are All Losing Altitude Today
Today's rather bumpy price action in the stock market is reverberating through cryptocurrencies once again. As of noon ET, Ethereum (CRYPTO: ETH) , Dogecoin (CRYPTO: DOGE) , and Solana (CRYPTO: SOL) declined 1.8%, 1.6% and 3.6%, respectively, over the past 24 hours.
Today's price action appears to be driven by increased concerns around higher interest rates, as shorter-dated bond yields hover around levels not seen since 2007, which was prior to the Great Recession. For these major cryptocurrencies, which have continued to trade in historically high correlation to equities, the pain is being felt across the sector. Additionally, record-high levels of open interest leverage have exacerbated the volatility with which cryptos move relative to equities.
Ethereum, Dogecoin, and Solana are among the most-traded cryptos and continue to garner significant attention from investors looking for signals of where the overall crypto market could be headed. Ethereum, the world's second-largest cryptocurrency, has seen meaningful volatility over the past month, as investors price in the network's upcoming The Merge, which will result in Ethereum shifting to a more energy-efficient proof-of-stake blockchain network.
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Why Ethereum, Dogecoin, and Solana Are All Losing Altitude Today