Altcoins
Altcoins Crash Double-Digits, Bitcoin Dominance Soars (Market Watch)
Over the past 24 hours, the majority of altcoins have crashed significantly and there are no signs of slowing down.
However, there is also a clear gap between the price performance of some altcoins and that of Bitcoin and Ethereum, both of which have remained relatively resilient.
Bitcoin dominance soars
Over the past 24 hours, Bitcoin dominance has increased to around 46% (data from CoinGecko). That’s a major difference. The metric tracks Bitcoin’s share relative to that of the rest of the market and is a clear indication of the dynamics between the two.
When BTC dominance increases, it means that the price of BTC is performing better than the altcoin market.
Today, the leading cryptocurrency is down 3.1% on the day, which is certainly not good news, but the rest of the market is performing much worse. This is why domination increases.
Altcoins are suffering enormously
Cardano, Solana, Polygon and many other major altcoins are trading well in the red, as shown in the following heat map.
The main reason for this drop appears to be the fact that the SEC listed a large number of them as securities in its latest lawsuit against Coinbase. Another major trading platform – Robinhood, has also announced plans to start delisting certain altcoins taking into account the above.
However, it is worth noting that cryptocurrencies that were not named in the SEC statement perform a little better. For example, Ethereum’s ETH is only down about 5%, while Ripple’s XRP is down about 6%. That’s still a lot, but it’s far from the 20% (and more) that coins like ADA< SOL and MATIC, among others, have lost today.
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