Crypto Altcoins Outperform as Ripple Court Ruling Spurs FOMO
- Solana rose 23%, while Avalanche gained about 14% this week
- Bitcoin slumps after climbing to highest level this year
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Smaller, lesser-known digital tokens such as Solana and Avalanche outperformed Bitcoin this week after a federal court decision in a case involving Ripple Labs Inc. fuels a “fear of missing out” impulse among cryptocurrency proponents.
An index comprising the bottom half of the top 100 tokens by market value climbed around 7.3%, even after many tokens pared large gains on Friday. Bitcoin, which accounts for about half the $1.25 trillion crypto market’s value, slipped less than 1% to around $30,200, though it reached a high for the year Thursday.