While major altcoins struggle today, Bitcoin remains resilient, exhibiting strong performance and significantly increasing its dominance.
In the past 24 hours, a significant number of altcoins experienced a substantial crash, and there is no indication of this downward trend halting.
Nevertheless, it is important to note a notable disparity in price performance between specific altcoins and the resiliency demonstrated by Bitcoin and Ethereum. Both Bitcoin and Ethereum have exhibited relative strength amidst this market turbulence.
Bitcoin Dominance Soars
In the past 24 hours, Bitcoin’s dominance has surged to approximately 46% (according to CoinGecko data), marking a significant shift. This metric, which measures Bitcoin’s share compared to the rest of the market, serves as a clear indicator of the prevailing dynamics.
The rising BTC dominance signifies that Bitcoin’s price is outperforming the altcoin market—a remarkable achievement. Although Bitcoin itself has experienced a 3.1% decline today, it is crucial to note that the rest of the market is faring considerably worse. Consequently, this surge in dominance is a testament to Bitcoin’s resilience amidst the broader market downturn.
Altcoins Suffering Tremendously
Cardano, Solana, Polygon, and several other leading altcoins are currently experiencing a decline in their trading values, as indicated by the following heatmap.
The primary reason for this downward trend appears to be the recent categorization of many of these altcoins as securities in the SEC’s lawsuit against Coinbase. Additionally, Robinhood, a prominent trading platform, has announced its intention to delist certain altcoins in light of these developments.
Nevertheless, it is important to highlight that cryptocurrencies not implicated in the SEC’s claims are performing relatively better. For example, Ethereum’s ETH has only experienced a modest 5% decrease, while Ripple’s XRP has declined by approximately 6%. While still noteworthy, these losses are significantly less severe than the substantial 20% (or more) declines observed in coins such as ADA, SOL, and MATIC, among others, today.