Skip to content
Markets
Crypto

Ether and Altcoins Lead Crypto Rout as Terra DeFi Fallout Deepens

  • Solana, Avalanche and Polkadot prices tumble as much as 20%
  • Bitcoin drops less as largest cryptocurrency serves as a haven
Video player cover image
Altcoins Lead Crypto Rout
Updated on
From

It’s an all-round sea of red for nearly everything in crypto, with altcoins such as Ether, Solana and Avalanche taking a beating. Traders are partially stumped, but for Ethereum, the signs of a lack of demand have been building for quite some time.

The impact of the collapse of Terra, a blockchain ecosystem that supported one of the biggest experiments in decentralized finance, knocked an already bearish market into wild contagion this month. While Terra’s operators had passed a revival plan to start afresh on a totally new blockchain on Wednesday, investors in the rest of DeFi were less than convinced. A glitch in the process to make the Ethereum network less energy intensive added to the concern.