Some major altcoins have been underperforming over the last 24 hours as the market rally cools down.
XRP pumped and dumped on Monday following a fake ETF application news.
Altcoins Undergo Retracement
The cryptocurrency market has been undergoing a slight retracement over the last few days following last week’s rally. The prices of most coins and tokens are in the red zone, thanks to the retracement.
SOL and AVAX, the native coins of the Solana and Avalanche ecosystems, are the worst performers amongst the top 20 cryptocurrencies by market cap. Both coins are down by more than 5% over the last 24 hours and could experience further decline if the market conditions persist.
XRP, the native coin of the Ripple blockchain, surged by 15% late on Monday, following reports of a possible XRP ETF filing. The rally came following an apparent Delaware corporation registry document for the iShares XRP Trust became public. The document was similar to those BlackRock had legitimately filed prior to its formal applications for spot bitcoin (BTC) and ether (ETH) exchange-traded funds (ETFs).
However, the coin was instantly dumped after it was confirmed that the XRP ETF filing was fake.
Despite the market retracement, some altcoins have been performing well over the last few hours. MATIC, Polygon’s native coin, is up by more than 6% in the last 24 hours and is currently trading at $0.9298 per coin. Ether is also up by less than 1% and is now trading around the $2,050 region.
Bitcoin, the world’s leading cryptocurrency by market cap, has continued its slow retracement. BTC is down by 1% in the last 24 hours and currently trades at $36,672 per coin.