ET, Bitcoin and Ethereum both traded slightly more than 4% lower, with Polygon down around 8.5% over the past 24 hours.
As a cryptocurrency that’s often used as a benchmark for the valuations of the sector, this Bitcoin-related news had ripple effects for most large-cap crypto tokens.
Given the fact that these three cryptocurrencies combined make up more than half the market capitalization of the entire crypto world, investors pay attention to these kinds of moves.
Accordingly, negative headlines appear to be driving token prices down, as investors increasingly focus on the risks associated with this sector, rather than its growth potential.
Bitcoin, Ethereum, and Polygon are three blockchain networks creating a tremendous amount of utility right now.
However, there’s also something to be said about the risk and volatility associated with the cryptocurrency space as a whole.