Cryptocurrency rout hits Ether, Solana and Avalanche – The National

Cryptocurrency rout hits Ether, Solana and Avalanche – The National

It is an all-round sea of red for nearly everything in cryptocurrencies, 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 decentralised finance (DeFi) 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.