coinedition.com
The crypto news platform Crypto Banter warned that the altcoin market onslaught may not be over yet, and the next few weeks may be turbulent for smaller-capped coins. Altcoins such as Polygon (MATIC), Algorand (ALGO), Solana (SOL), and Cardano (ADA) were named as cryptos that could be at risk in their latest video.
While the pronounced losses suffered by these tokens might indicate an altcoin wipeout, it remains unclear whether the news of the SEC’s actions has already been factored into the market, according to Crypto Banter. As a result, they predicted that altcoin prices may continue to decline.
Furthermore, the “SEC Bingo” game is especially troubling according to Crypto Banter as there will always be uncertainty about which crypto will be targeted next. There will always be new cryptos being labeled as securities and then the game will start all over again with those crypto’s facing price plummets, said the analyst.
The news platform also explained that although Bitcoin (BTC), the leading cryptocurrency, managed to recover to only $500 away from its pre-attack levels, the altcoin market faced a devastating blow. Many altcoins experienced substantial losses ranging from around 22%, with some even seeing their prices drop close to 40% over the past few weeks.
With the SEC on a witch hunt, Crypto Banter is convinced that the crypto market will be at risk for a while still. Meanwhile, CoinMarketCap indicated that over the past 24 hours, ADA suffered a 0.41% price drop. As a result, the Ethereum-killer was trading at $0.2592 at press time.
On the other hand, both MATIC and SOL saw increases in their prices throughout the past day. MATIC’s price rose by 1.69%, which left the altcoin trading at $0.609. SOL was trading hands at $15.97 after its price rose by more than 3%.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.