According to Bloomberg, some Ethereum derivatives such as Arbitrum's ARB, Optimism's OP and Polygon's MATIC fell in price. These crypto projects aim to improve the efficiency of the most commercially valuable blockchains. Other altcoins such as Solana, XRP and Dogecoin fell more moderately, falling 5.8%, 3.3% and 4.3%, respectively, while OP and MATIC plunged 7.8% and 10%, respectively. As of 1 pm New York time, Bitcoin and Ethereum fell 2.1% to $50,927 and 3.1% to $2,896, respectively. Ethereum last traded at $3,000 in April 2022. Chris Newhouse, DeFi analyst at Cumberland Labs, said that as Ethereum's performance has slightly corrected in the past few days, altcoin traders are beginning to feel the impact of correlation with Ethereum on their portfolios. Tokens with popular “Ethereum beta” narratives like ARB and OP have seen more pronounced declines compared to other altcoins.