Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
The last 24 hours witnessed a significant decline in the majority of altcoins, with no indications of a reversal.
Nonetheless, there is a noticeable contrast between the performance of specific altcoins and that of Bitcoin and Ethereum, both of which have shown relative strength.
Bitcoin Dominance Increases
In the past 24 hours, Bitcoin’s dominance has risen to approximately 46% (data from CoinGecko). This represents a significant shift. The metric measures Bitcoin’s share in relation to the overall market and clearly reflects the relationship between the two.
An increase in BTC dominance indicates that Bitcoin’s price is outperforming the altcoin market.
Currently, the leading cryptocurrency has decreased by 3.1% today, which is certainly unfavorable, yet the broader market is faring much worse. This explains the rise in dominance.
Thank you for subscribing; your first report will arrive in the coming hours!
Related Posts
Source: TradingView
Altcoins Experiencing Severe Losses
Cardano, Solana, Polygon, and numerous other prominent altcoins are trading significantly lower, as illustrated in the following heatmap.
Source: Coin360
The primary factor contributing to this decline appears to be the SEC’s classification of many of these assets as securities in their recent lawsuit against Coinbase. Additionally, another major trading platform – Robinhood, has announced intentions to begin delisting certain altcoins in light of this situation.
However, it is important to highlight that cryptocurrencies not mentioned in the SEC’s allegations are performing somewhat better. For example, Ethereum’s ETH has only dropped about 5%, while Ripple’s XRP has decreased by roughly 6%. Although these figures are still considerable, they are far less than the 20% (or more) losses experienced by coins like ADA, SOL, and MATIC, among others, today.
SPECIAL OFFER (Sponsored) Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.
Disclaimer: Information found on CryptoPotato is those of writers quoted. 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.
