According to Decrypt, Ethereum (ETH), Solana (SOL), and Avalanche (AVAX) have experienced significant losses in the past week, with each slipping by at least 14%. These top 20 cryptocurrencies had previously attracted institutional investor interest and made substantial gains in recent weeks. Ethereum's price has fallen 7% in the past 24 hours to around $2,200, pushing its seven-day dip to 14%. Solana is down nearly 16% over the past week at a current price of $82.50, while AVAX has plunged 19% on the week to just under $29.
The broader crypto market has followed the price action of Bitcoin, the largest digital asset by market cap. Since Grayscale converted its flagship BTC fund into an exchange-traded fund (ETF) and began trading on the stock market, investors have been keen to redeem shares previously locked into the product, putting pressure on Bitcoin's price in recent days. Despite the recent dips, long-term holders of SOL and AVAX have reason to be optimistic, as both coins have performed well over a one-year period, with SOL up 239% and AVAX up 64%. Ethereum has also increased by 35% over the last year.
