Emerging Tokens Struggle to Keep Pace as Global Market Cap Decreases

Emerging tokens like Cardano, Solana, and Algorand are faltering as the global market cap continues to decrease. While it’s not a loss unless you sell, the global crypto market is taking a beating as inflation increases, China and India’s crackdown on crypto continues and investors struggle to find a foothold. Cardano is down nearly 5% in the last 24 hours, hitting $1.23. Solana is down nearly 5% in that same time, dropping below $158 and Algorand lost 9% while falling to $1.35. Across the markets, Terra is down over 4% to $55.69, and Polygon fell more than 4% to $1.83. Interestingly, ARK Invest’s ($ARKK@US) Cathie Wood was recently quoted saying that Ethereum is more undervalued than Bitcoin, perhaps giving some credence to the rise of many different Ethereum-based tokens that are flooding the marketplace. Wood also reiterated her $50,0 thousand price prediction for Bitcoin.