The price of Ethereum-derived currencies has fallen, affecting Bitcoin and Ethereum as well

Bitget2024/02/24 07:48

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Prices of some Ethereum derivative tokens such as Arbitrum's ARB, Optimism's OP, and Polygon's MATIC have fallen. These crypto projects aim to improve the efficiency of the most commercially valuable blockchain. Other altcoins like Solana, XRP, and Dogecoin saw more moderate declines, falling 5.8%, 3.3%, and 4.3% respectively, while OP and MATIC plummeted by 7.8% and 10%. As of 1 PM New York time, Bitcoin and Ethereum fell by 2.1% to $50,927 and 3.1% to $2,896 respectively. The last time Ethereum traded at $3,000 was in April 2022.

Chris Newhouse from Cumberland Labs' DeFi analyst said that with Ethereum's performance slightly rebounding in recent days; altcoin traders are beginning to feel the impact of its correlation on their portfolios. Compared with other altcoins such as ARB OP etc., tokens from popular "Ethereum Beta" narratives experienced a more significant drop.

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