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Home Altcoin

Why Altcoins Like Fantom and Litecoin Dived Today

by Crypto News
January 22, 2022
in Altcoin
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Why Fantom, Harmony, Gala, and Kadena Altcoins Are Up Big Today
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What occurred

Capping a usually awful week for cryptocurrencies, the U.S. greenback values of many altcoins took huge hits on Friday.

Few have been spared, with each high-market cap tokens and the decrease profile cryptos falling at double-digit charges. Amongst these have been Fantom (CRYPTO: FTM), with a comparatively steep drop of just about 19% on the day, and Litecoin (CRYPTO: LTC), Bitcoin Money (CRYPTO: BCH), and Uniswap (CRYPTO: UNI), all sinking at across the 13% mark.

Seated young person at tablet computer looking worried, with hands on head.

Picture supply: Getty Photos.

So what

As veteran cryptocurrency traders know by now, the place Bitcoin goes, altcoins are likely to comply with. The bellwether digital coin was on a downward spin to the tune of 13% on Friday, setting the gloomy tone for the remainder of the market.

We won’t lay the blame on Bitcoin itself, although. Mr. Market’s issues today are concerning the macroeconomic local weather. The U.S. Fed is grimly decided to boost charges sooner somewhat than later to tame the inflation that is crept into the system and will not go away.

For myriad causes, the prospect of upper charges tends to push traders into extra conservative investments like bonds or shares that pay beneficiant dividends. Love cryptocurrencies or detest them, it is practically indeniable that almost all stay very speculative investments. With the flight to extra conventional property that we’re witnessing, most cash are being left behind simply now.

Now what

However this presents a comparatively low-cost method in for the extra adventurous and opportunistic traders within the crowd. Lots of the altcoins at present being punished have sufficient worth and utility to be worthy of consideration at low cost costs.

Fantom appears to be like significantly promising as it is the native coin of a really speedy blockchain; if it achieves extra vital scale, Fantom might rival the titan of sensible contract blockchains, Ethereum. Litecoin, an early and sturdy Bitcoin fork, sits on a notably faster blockchain than its progenitor and has a provide restrict 4 instances that of Bitcoin.

10 shares we like higher than Fantom
When our award-winning analyst workforce has a inventory tip, it will possibly pay to hear. In any case, the e-newsletter they’ve run for over a decade, Motley Idiot Inventory Advisor, has tripled the market.*

They only revealed what they imagine are the ten best stocks for traders to purchase proper now… and Fantom wasn’t one in all them! That is proper — they suppose these 10 shares are even higher buys.

See the 10 stocks

*Inventory Advisor returns as of January 10, 2022

Eric Volkman owns Bitcoin and Ethereum. The Motley Idiot owns and recommends Bitcoin and Ethereum. The Motley Idiot has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the writer and don’t essentially mirror these of Nasdaq, Inc.



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