Crypto Altcoins Lead Declines; Bitcoin Drops Back Below $19,000
- Solana, Avalanche, Cardano drop more than market bellwether
- Yields earned from many DeFi protocols have been diminishing
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Prices in the cryptoasset market slumped across the board on Thursday, after data showing US inflation at a 40-year high further eroded fading demand for riskier assets.
Bitcoin, the largest cryptocurrency by market value, fell as much as 5.1% on Thursday in New York to $18,201, its lowest in about three weeks. The September low was the least since prices tumbled in June after crypto lender Celsius collapsed. Ether fell as much as 8.2%, with both coins trending toward the lower end of their respective ranges. Each are down more than 60% this year.