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Why Altcoins Crashed on Friday

·2 min read
Why Altcoins Crashed on Friday

The value of cryptocurrencies cratered on Friday as an industrywide sell-off took hold. The biggest cryptocurrencies were down today but smaller cryptocurrencies, known as altcoins, were down even more. As of 11 a.m. ET, Polygon (CRYPTO: MATIC) had dropped as much as 17.4% in the last 24 hours, Avalanche (CRYPTO: AVAX) was down 17.9%, Cosmos (CRYPTO: ATOM) had fallen 14.5%, and Terra (CRYPTO: LUNA) had plunged 14.9%.