Why Altcoins Got Socked This Week
There have been many spectacular weeks to own altcoins and, as with any volatile asset class, plenty of bad ones to match. This past week, unfortunately, belonged to the second category, with fresh fears about the macroeconomy dinging the value of more than a few coins and tokens.
A big clutch of altcoins took double-digit hits across the period. According to data compiled by S&P Global Market Intelligence, Toncoin (CRYPTO: TON) fell by 14%, Polygon (CRYPTO: MATIC) did slightly less badly with a 13% decline, and Aptos (CRYPTO: APT) exceeded them both by tumbling nearly 17%.
Much of the bearish action in crypto trading occurred on Friday, following the Bureau of Labor Statistics' release of the latest unemployment data. Although none of the data were alarming, they weren't all that inspiring, either. They revealed that employers in this country added 142,000 jobs in August.
Source Fool.com
