Although more modest than the alts, bitcoin crashed yesterday from nearly a big before seeing more volatility throughout the day.
Most altcoins, however, fell double digits. The last 24 hours have been more positive as ADA, SOL, SHIB and many others have managed to rebound.
The Alts roller coaster
It is safe to say that recent allegations by the United States Securities and Exchange Commission that many cryptocurrencies may in fact be unregistered securities have started to take their toll on the market. Yesterday’s events confirm this.
Many of the stocks mentioned by the SEC in its lawsuits against Binance and Coinbase fell double digits yesterday. These include Cardano (ADA), Solana (SOL), Shiba Inu (SHIB), Avalanche (AVAX), Filecoin (FIL) and many more.
Today, however, the landscape for some of them is quite different. ADA jumped 9% from yesterday’s low and reached over $0.26. SHIB increased by a similar percentage, SOL added 7%, which was also imitated by FIL, CRO, GRT and others.
The total crypto market capitalization lost over $60 billion in one day yesterday, but recovered $20 billion today and reached $1.050 billion.
BTC reacted better
The major cryptocurrency saw heightened volatility nearly a week ago when it fell from $27,000 to below $25,400 after the SEC announced its back-to-back lawsuits against Binance and Coinbase. Interestingly, it reacted well and skyrocketed $2,000 after the second.
It pulled back slightly over the next few days and had calmed down to around $26,500. However, the overall market decline that started late Friday also affected BTC, which fell by a large amount within minutes.
Its roller coaster continued as it climbed back up to $26,200 before dropping just as quickly back down to below $25,500. It has recovered a few hundred dollars since then, but is still barely below $26,000.
Its market capitalization fell to $500 billion, but its alts dominance soared to 48% yesterday before falling back to 47.6% as of now.
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