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Bitcoin, though less severely than altcoins, dropped nearly $1,000 yesterday before experiencing further volatility throughout the day.
Most alternative coins, however, plummeted by double digits. The past 24 hours have been more positive, as ADA, SOL, SHIB, and many others have managed to bounce back.
Altcoins’ Rollercoaster
It is safe to say that recent allegations by the US Securities and Exchange Commission (SEC) that many cryptocurrencies could be unregistered securities have started to take their toll on the market. Yesterday’s events validate this.
Many of the assets mentioned in the SEC’s lawsuits against Binance and Coinbase dropped by double digits yesterday. These include Cardano (ADA), Solana (SOL), Shiba Inu (SHIB), Avalanche (AVAX), Filecoin (FIL), and many others.
Today, however, the landscape for some of them is quite different. ADA has jumped 9% since yesterday’s low and pumped to over $0.26. SHIB is up by a similar percentage, while SOL has added 7%, a move also mimicked by FIL, CRO, GRT, and others.
The total crypto market cap lost over $60 billion in a single day yesterday but has recovered $20 billion today, rising to $1.050 trillion.
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Cryptocurrency Market Overview. Source: Quantify Crypto
BTC Reacted Better
The primary cryptocurrency experienced enhanced volatility almost a week ago when it dumped from $27,000 to under $25,400 after the SEC announced its two back-to-back lawsuits against Binance and Coinbase. Interestingly, it reacted well and skyrocketed by $2,000 after the second announcement.
It retraced slightly in the following days and stabilized around $26,500. However, the overall market decline that started late Friday affected BTC as well, which dropped by $1,000 in minutes.
Its rollercoaster continued as it pumped back up to $26,200 before slipping just as quickly back down to under $25,500. It has recovered a few hundred dollars since then but still struggles below $26,000.
Its market cap has dropped to $500 billion, but its dominance over altcoins shot up to 48% yesterday before retracing to 47.6% as of now.
BTCUSD. Source: TradingView
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Disclaimer: Information found on CryptoPotato is that of the quoted writers. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
