{"id":81648,"date":"2024-06-18T03:19:34","date_gmt":"2024-06-18T07:19:34","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=81648"},"modified":"2024-06-18T03:20:57","modified_gmt":"2024-06-18T07:20:57","slug":"top-altcoins-plunge-double-digits-with-no-clear-catalyst","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/top-altcoins-plunge-double-digits-with-no-clear-catalyst\/","title":{"rendered":"Top Altcoins Plunge Double Digits with ‘No Clear Catalyst’"},"content":{"rendered":"\n

Crypto market analysts speculate that the recent collapse of altcoins<\/a> may be associated with a recent surge in spot Bitcoin ETF outflows.<\/p>\n\n\n\n

\"Top<\/figure>\n\n\n\n

On Monday, the crypto markets plunged into a sea of red, with some altcoins losing over 10%. <\/p>\n\n\n\n

An industry analyst told Cointelegraph that there is “no clear catalyst” to explain the reason for the decline.<\/p>\n\n\n\n

The crypto market cap has decreased by 3.5% in the past 24 hours, reaching $2.46 trillion.<\/p>\n\n\n\n

CoinGecko data indicates that Shiba Inu and Avalanche were the most severely affected altcoins among the top 20 by market cap on June 17, with losses of 12.7% and 10.6%, respectively.<\/p>\n\n\n\n

Uniswap (UNI) and Dogecoin also experienced a double-digit decline, while Solana's price\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> declined by 9.4%.<\/p>\n\n\n\n

Although it experienced only a minor 0.1% increase, Ripple's XRP was the sole non-stablecoin that did not end up in the red.<\/p>\n\n\n\n

In the past 24 hours, Bitcoin and Ether have experienced a 1.3% and 4.4% decline, respectively.<\/p>\n\n\n\n

\"Top
Price changes in the top 15 coins by market cap over the last hour, 24 hours and seven days. Source: CoinGecko<\/em><\/figcaption><\/figure>\n\n\n\n

Chief investment officer Henrik Anderrson of Apollo Crypto, an asset manager, was unable to identify the primary cause of the market decline. <\/p>\n\n\n\n

However, he believes that the recent decrease in interest in spot Bitcoin exchange-traded funds (ETFs) may have been a contributing factor.<\/p>\n\n\n\n

\u201c[There\u2019s] no clear catalyst from what I can see, but [it] looks like negative BTC ETF flows led to weakness in alts, which triggered liquidations of leverage long traders in Bitcoin, Ethereum and Dogecoin,\u201d Andersson told Cointelegraph.<\/p>\n\n\n\n

According to data from Farside Investors, the spot Bitcoin ETFs have experienced outflows on five of the last six trading days.<\/p>\n\n\n\n

10xResearch, a digital asset firm, also linked the recent altcoin crisis to the drop in spot Bitcoin ETF<\/a> flows over the last week, but it believes the relationship is the inverse.<\/p>\n\n\n\n

\u201cIt has come as a surprise that Bitcoin is failing to rally despite weak inflation data, but the Ethereum and altcoin crash might have been predictable,\u201d 10xResearch added.<\/p>\n\n\n\n

Bitcoin Miners Up Double Digits Amid BTC\u2019s Price Slump<\/h2>\n\n\n\n

An industry analyst has stated that Bitcoin mining stocks have been performing exceptionally well in recent weeks and are currently regaining some of the territory they lost during April's halving event.<\/p>\n\n\n\n

\u201cMining stocks underperformed prior to the halving due to fears about post-halving profitability,\u201d Mitchell Askew, head analyst at Blockware Solutions, told Cointelegraph.<\/p>\n\n\n\n

However, that worry has been alleviated, and mining stocks are returning to equilibrium after lagging in comparison to Bitcoin and its proxies, such as MicroStrategy.<\/p>\n\n\n\n

Askew observed the Valkyrie Bitcoin Miners exchange-traded fund, WGMI, has increased by around 54% since the halving event, indicating that market confidence has returned to the mining sector.<\/p>\n","protected":false},"excerpt":{"rendered":"

Crypto market analysts speculate that the recent collapse of altcoins may be associated with a recent surge in spot Bitcoin ETF outflows. On Monday, the crypto markets plunged into a sea of red, with some altcoins losing over 10%.  An industry analyst told Cointelegraph that there is “no clear catalyst” to explain the reason for […]<\/p>\n","protected":false},"author":56,"featured_media":76279,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21,81],"tags":[7713,1613,754,591],"class_list":["post-81648","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-altcoin-news","tag-altcoin","tag-bitcoin-etf","tag-bitcoin-mining","tag-tokens"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/04\/Expert-Advises-Against-Buying-Altcoins-Dip.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/81648","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=81648"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/81648\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/76279"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=81648"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=81648"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=81648"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}