Altcoin Market in Decline: Key Factors at Play
The altcoin industry, primarily steered by Ethereum (ETH) and Solana (SOL), is currently facing significant challenges as the broader crypto market experiences a downturn. Recent data indicates a substantial decline in the altcoin market cap, plunging from approximately $1.27 trillion in early March to about $866 billion. This has been fueled by a combination of factors, including major global stock index fluctuations and substantial outflows from key assets like Grayscale’s ETHE.
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