Crypto market analysts suggest the altcoin stumble may be tied to a recent spate of spot Bitcoin ETF outflow.
Crypto markets tumbled into a sea of red on Monday, with some altcoins bleeding more than 10%, though an industry analyst tells Cointelegraph there’s “no clear catalyst” to explain why.
Crypto’s market cap has fallen to $2.46 trillion, down 3.5% over the last 24 hours. Shiba Inu (SHIB) and Avalanche (AVAX) have been the hardest hit altcoins among the top 20 by market cap on June 17, falling 12.7% and 10.6% over the day, CoinGecko data shows.
Uniswap (UNI) and Dogecoin (DOGE) also saw a double-digit drop, while Solana (SOL) dipped 9.4%. Ripple’s XRP (XRP) was the only non-stablecoin not in the red, though it only saw a minor 0.1% increase.