Why Altcoin Prices Were Sagging This Week
In the crypto world, very often when the leader goes in a particular direction, the followers copy the move. With its leader dipping in price lately, the values of many altcoins also headed south in recent days.
Numerous altcoins were down notably week to date as of Friday early morning, some at double-digit-percentage rates. According to data compiled by S&P Global Market Intelligence, for example, meme coin Shiba Inu (CRYPTO: SHIB) was off nearly 9% and Mantle (CRYPTO:MNT) was floating 10% lower. Doing somewhat better but still in the red was Toncoin (CRYPTO: TON), with a relatively modest 0.4% decline.
The market leader I'm talking about is, naturally, Bitcoin. On Monday the bellwether crypto started to slide in price, and the following day it fell under $60,000. As of this writing, it is still there, although the price has improved at least marginally. Whenever Bitcoin crosses above or below a handy round number like $60,000, investors in altcoins tend to buy into or sell out of such assets, depending on the direction of travel.
Source Fool.com
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