Altcoins Crash Double Digits, Bitcoin Dominance Soars (Market Watch)
Major altcoins are suffering today, but Bitcoin's price is performing relatively well, boosting its dominance considerably.
The past 24 hours saw the majority of altcoins crash by a considerable margin and there are no signs of slowing down.
However, there’s also a clear discrepancy between the price performance of certain altcoins to that of Bitcoin and Ethereum, both of which have remained relatively resilient.
Bitcoin Dominance Soars
Over the past 24 hours, Bitcoin’s dominance increased to around 46% (data from CoinGecko). This is a major difference. The metric tracks Bitcoin’s share relative to that of the rest of the market and is a clear indication of the dynamic between both.
When the BTC dominance rises, it means BTC’s price is performing better than the altcoin market.
Now, the major cryptocurrency is down 3.1% on the day, which is definitely not good news, but the rest of the market is performing a lot worse. This is why the dominance is increasing.
Altcoins Suffering Tremendously
Cardano, Solana, Polygon, and a lot of other major altcoins are trading well in the red, as seen in the following heatmap.
The main reason behind the plummet seems to be the fact that the SEC has listed a lot of them as securities in their latest lawsuit against Coinbase. Another major trading platform – Robinhood, also announced plans to start delisting some altcoins in consideration of the above.
However, it’s worth noting that those cryptocurrencies that haven’t been named in the SEC’s claim are performing a bit better. For instance, Ethereum’s ETH is down only about 5%, while Ripple’s XRP is down around 6%. This is still a lot, but it’s nowhere near the 20% (and more) that coins like ADA< SOL, and MATIC, among others, lost today.
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