Bitcoin (BTC) Dominance on the Rise as Cardano (ADA) Slips 4% (Market Watch)
Bitcoin’s dominance over the altcoins has gained roughly 1% in just a few days amid the latest developments on the SEC-crypto industry front.
Several altcoins have retraced today, including Cardano, which has dropped by more than 4%.
BTC Dominance Increases
Bitcoin started the week on a slightly positive note, surging to $27,500. However, it all changed quickly in the following hours as the SEC announced a lawsuit against Binance. The cryptocurrency dumped hard by $2,000 in hours and fell to its lowest position since mid-March at under $25,500.
While that seemed bad enough, the Securities and Exchange Commission took it a step further on Tuesday by suing Coinbase over similar allegations that it sells unregistered securities. BTC had recovered to around $26,000 before it slipped below $25,400.
Somewhat surprisingly, though, BTC bounced off in the following hours and skyrocketed by two grand to its starting weekly position. However, that was brief, and the asset dipped back down to $26,500 and has remained there for a few days now.
As such, bitcoin’s market capitalization stands still at just over $510 billion. Its dominance over the altcoins, though, has jumped by approximately 1% in a few days to 46.7%.
ADA Drops 4%
The alternative coins went through similar enhanced volatility during the week following the SEC’s actions. Ethereum went from $1,900 to $1,800 and has settled now at just under $1,850. Binance Coin was expectedly among the poorest performers. It traded above $300 before the news came out and dumped by over $50 to its current position of under $260.
Cardano, on the other hand, has declined hard in the past 24 hours. ADA is down by over 4% and struggles to remain above $0.3.
Most other larger-cap alts are slightly in the red as well, while ATOM, GRT, and FIL have lost the most value on a daily scale.
The total crypto market cap has managed to defend the $1.1 trillion level in the past day after dumping way below it on Monday and Tuesday.
Cryptocurrency Market Overview. Source: Quantify Crypto
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Filed under: Bitcoin - @ June 9, 2023 8:00 am