Bitcoin faced a notable decline yesterday, although not as severe as some alternative coins (altcoins), before encountering further volatility throughout the day.
Meanwhile, many altcoins experienced a significant plummet, with double-digit losses. However, in the past 24 hours, there has been a more positive trend as altcoins like ADA, SOL, SHIB, and others managed to rebound.
Altcoins Facing a Rollercoaster Ride
The recent allegations made by the US Securities and Exchange Commission (SEC), suggesting that several cryptocurrencies could be unregistered securities, have begun to impact the market, as evident from yesterday’s events.
Many of the altcoins mentioned in the SEC’s lawsuits against Binance and Coinbase suffered substantial losses, falling by double digits. This includes Cardano (ADA), Solana (SOL), Shiba Inu (SHIB), Avalanche (AVAX), Filecoin (FIL), among others.
However, today’s landscape shows a different picture for some of these altcoins. ADA has surged by 9% since yesterday’s low, reaching over $0.26. SHIB has experienced a similar percentage increase, while SOL, FIL, CRO, GRT, and others have gained 7% in value.
Although the total cryptocurrency market cap experienced a loss of over $60 billion in a day, it has managed to recover $20 billion today, reaching $1.050 trillion.
The primary cryptocurrency faced heightened volatility almost a week ago when it dropped from $27,000 to under $25,400 following the SEC’s announcement of two consecutive lawsuits against Binance and Coinbase. Interestingly, it reacted positively and witnessed a $2,000 surge after the second lawsuit.
In the following days, Bitcoin retraced slightly and settled around $26,500. However, the overall market decline that began late on Friday also affected BTC, leading to a sudden drop of $1,000 in a matter of minutes.
Bitcoin’s rollercoaster ride continued as it climbed back up to $26,200 before swiftly slipping below $25,500. While it has recovered a few hundred dollars since then, it still struggles to surpass the $26,000 mark.
With a market cap currently at $500 billion, Bitcoin’s dominance over altcoins spiked to 48% yesterday before retracting to 47.6% at present.