prices dotted (CRYPTO: DOT)And ribbedAnd (CRYPTO: matic), And XRP (CRYPTO: XRP) They were all up today, likely as investors started coming back for them Cryptocurrency After a short dip last week.
Polkadot is up 7.6%, Polygon is up 7.6%, and XRP is up 4.8% in the past 24 hours, as of 10:50 AM ET.
Polkadot, Polygon, and XRP prices started to decline late last week after news outlets started publishing information about the new variant of the omicron coronavirus. The news caused a price Bitcoin To falter, taking several cryptocurrencies — including Polkadot, Polygon, and XRP — with it.
Cryptocurrency prices often move in sympathy with the price of Bitcoin and that seems to be the case again today for Polkadot, Polygon and XRP. Bitcoin is up 1.8%. Over the past 24 hours, coins have also started to bounce.
The drop in Polkadot, Polygon, and XRP prices last week and the subsequent rally in the past 24 hours are a good reminder that the cryptocurrency market remains extremely volatile.
One thing to keep in mind is that while the prices of these coins have gone up today, it is entirely possible that they will fall again if the price of Bitcoin falls.
All of this means that cryptocurrency investors should anticipate some volatility and take a long-term investment approach with cryptocurrencies.
This article represents the opinion of the author, who may disagree with the “official” recommendation position of the Motley Fool Premium Consulting Service. We are diverse! Asking about an investment thesis — even if it’s our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.