Altcoins, also alternative cryptocurrencies, have shown a mixed performance recently. While Bitcoin remained unchanged at $1,930, the second-largest token Ether also stayed steady at the same value. However, smaller cryptocurrencies, known as Altcoins, experienced some weakness. Cardano and Polygon both saw a decline of 1%. In the world of Memecoins, Dogecoin saw a 1% increase, while Shiba Inu suffered a loss of 2%.
According to Alex Kuptsikevich, an analyst at the broker FxPro, the market is currently cooling down after a recovery from the 200-week average. He further explains that if the risk aversion sentiment strengthens later in the week, a failure to sustain the current recovery could lead to a correction down to the $27,000 range. While a recent court ruling gave hope to crypto bulls that many tokens would not be classified as securities, it should be noted that this is only a partial victory for Ripple and may not have the extensive impact originally anticipated.
In summary, while Bitcoin and Ether remained unchanged, Altcoins had a mixed performance. Some experienced a decline, while others saw slight gains or losses. It is essential to consider the current market conditions and the potential impact of legal rulings on specific cryptocurrencies. Investors should stay informed and monitor the market closely as it continues to evolve.