NEAR - Why Polygon NEAR Protocol and Optimism Nosedived This Week
2024-01-19 16:12:57 ET
The crypto market has been in flux over the past week, with most major cryptocurrencies losing altitude over the past seven days. Interestingly, three of the leading weekly decliners include Polygon (CRYPTO: MATIC) , NEAR Protocol (CRYPTO: NEAR) and Optimism (CRYPTO: OP) , which have declined 15.7%, 19%, and 22.25%, respectively, since Friday's close.
Indeed, last week's long-awaited approval of spot Bitcoin ETFs led to an initial sector-wide pop and then a sell-the-news decline, as investors dialed back their exposure to this sector. The sell-off we've seen materialize over the past week has been more pronounced around key alt coins, with some of this selling pressure among smaller-cap cryptos likely reflecting a broad portfolio repositioning for many investors toward megacap tokens like Bitcoin.
That said, these three tokens also have their own unique catalysts driving their underperformance this past week. Let's dive into what investors are watching when it comes to these three top 30 cryptos right now.
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Why Polygon, NEAR Protocol, and Optimism Nosedived This Week