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Altcoins Perform Well Despite Bitcoin's Drop

May 8, 2024

Bitcoin initially rose to around $65,500 over the weekend before declining once again to $62,000. This decrease in Bitcoin's price typically impacts the altcoin market as well. The largest altcoin, Ethereum (ETH), also fell below $3,100 and currently sits at around $3,000, showing a 2% decrease in the past 24 hours.

Some altcoins managed to rise slightly and perform positively while other markets were experiencing declines. According to CoinMarketCap data, Lido DAO (LDO) saw a 2.8% increase, TRon (TRX) rose by 2.5%, and Ethena (ENA) showed a 2.4% increase.

On the other hand, some altcoins experienced losses in the last 24 hours. Akash Network (AKT) had a 7.1% decrease, Helium (HNT) dropped by 9.3%, and Dogwifhat (WIF) had a 9% loss.

The "fear and greed index," which measures cryptocurrency investors' emotions based on various market factors, is currently at 100, indicating a high level of greed among investors. It was previously calculated at 64 points.

Please note that this information is not investment advice.

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