BingX Insights

Get the latest blockchain news on BingX.

Altcoins Crash Double Digits, Bitcoin Dominance Soars (Market Watch)

BTCEUR - George Georgiev 2023-06-10 17:00

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.

btc_price_chart_1006231 Source: TradingView

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.

crypto_heatmap_1006232 Source: Coin360

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.

The post Altcoins Crash Double Digits, Bitcoin Dominance Soars (Market Watch) appeared first on CryptoPotato.