Cryptocurrency markets plunged into the red on Monday, with some altcoins losing more than 10% of their value. Crypto market capitalization fell to $2.46 trillion, down 3.5% over the past 24 hours. Shiba Inu (SHIB) and Avalanche (AVAX) were the hardest-hit altcoins in the top 20 by market cap, losing 12.7% and 10.6% respectively. 😔

Bitcoin (BTC) and Ether (ETH) also saw declines of 1.3% and 4.4% respectively over the past 24 hours.

Henrik Andersson, chief investment officer of Apollo Crypto, believes that the decline in interest in Bitcoin exchange-traded funds could be the reason for the decline.

Meanwhile, shares of Bitcoin mining companies are showing strong growth, despite the fall in the value of BTC.