The altcoin market witnessed a major crash early on the morning of June 10. In 24 hours, major altcoins, including Algorand (ALGO), Cardano (ADA), Polygon (MATIC), and Solana (SOL), saw their trading price tumble by over 20%.

At the time of writing, three altcoins, Cardano (ADA), Polygon (MATIC), and Solana (SOL), had lost more than 20% in the space of 24 hours. 

Altcoin Market Hits a Wall

For a brief period on Saturday morning, Algorand also joined that unenviable club. The token even hit a new all-time low of below $0.10 after it lost around 17% of its value in a single hour.

However, shortly after, it regained some of its early morning losses.

With altcoin prices crashing, liquidations accelerated to rates not seen in months. And while much of the attention is focused on long ETH positions, it’s likely that many traders betting on altcoins prices going up were caught in the storm.

Tokens Named in SEC Lawsuits Tank

Unsurprisingly, many observers are blaming the latest wave of devaluations on the news earlier this week that the Securities and Exchange Commission (SEC) has brought charges against Binance and Coinbase.

Algorand (ALGO), Cardano (ADA), Polygon (MATIC), and Solana (SOL) were all among Go to Source to See Full Article
Author: James Morales

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