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

Most altcoins have seen a significant divergence over the past 24 hours and show no signs of slowing down.

However, there is also a clear discrepancy between the price performance of some altcoins such as bitcoin and ethereum, both of which have remained relatively resilient.

bitcoin dominance climbs

In the past 24 hours, bitcoin dominance increased to almost 46% (data from CoinGecko). This is a big difference. The metric tracks the share of bitcoin against the rest of the market and is a clear indication of the dynamic between the two.

When BTC dominance increases, it means that BTC price is outperforming the altcoin market.

Now, the leading cryptocurrency is down 3.1% on the day, which certainly isn’t good news, but the rest of the market is underperforming. Due to this dominance is increasing.

Altcoins suffer huge losses

Cardano, Solana, Polygon, and several other major altcoins are trading well in the red, as seen in the following heatmap.

The main reason behind the decline appears to be that the SEC listed many of them as securities in its latest lawsuit against Coinbase. Another major trading platform – Robinhood also announced plans to start delisting some altcoins keeping the above in mind.

However, it is worth noting that cryptocurrencies that were not named in the SEC’s lawsuit are doing a little better. For example, Ethereum’s ETH is down only 5%, while Ripple’s XRP is down almost 6%. That’s still a lot, but it’s nowhere near the 20% (and more) that the ADA