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Although cryptocurrencies are considered by many to be defensive investments against equity market downturns, in fact, the prices of digital coins frequently correlate tightly with the market’s swings.
This thinking was clearly in play Wednesday, as the prices of a great many altcoins besides Ethereum were up, in some instances rather notably.
Personally, while I’m a holder of Bitcoin and Ethereum, I think only the latter genuinely deserves its current upward push.