Why Altcoins Were Wilting on Wednesday
Although the crypto industry isn't as heavily dependent on computer processing power as it was in its early days, the two remain strongly correlated. Less-than-desirable news from a processing titan, unsurprisingly, dinged the values of a wide swath of altcoins in late afternoon trading Wednesday.
It was guilt by association, and few seemed to escape the harsh judgement of the market. Utility crypto Polkadot (CRYPTO: DOT) was down by nearly 6% at that point, while smart contract platform token Solana (CRYPTO: SOL) was doing sightly worse with an almost 7% decline. Meme token Shiba Inu (CRYPTO: SHIB) was tumbling by a relatively light 3%, and Bitcoin hard fork currency Bitcoin Cash (CRYPTO: BCH) was down 4%.
For better or worse, the crypto scene has always been associated with the advanced graphics processing units (GPUs) manufactured by that industry's 800-pound gorilla, Nvidia. So, like with Bitcoin, major developments with that company affect the sentiment on -- and frequently the direction of -- the altcoin market.
Source Fool.com
