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However, in a more modest fashion than the alts, bitcoin fell by almost a grand yesterday before experiencing more volatility throughout the day.
Most alternative coins, however, fell barely by double digits. Last 24 hours have been more positive as ADA, SOL, SHIB, and many others have managed to bounce higher.
Alts’ Rollercoaster
It is safe to say that recent allegations by the US Securities and Exchange Commission that many cryptocurrencies may actually be unregistered securities have started to take their toll on the market. Yesterday’s incident proves this.
Many cited by the SEC in its lawsuits against Binance and Coinbase fell by double digits yesterday. These include Cardano (ADA), Solana (SOL), Shiba Inu (SHIB), Avalanche (AVAX), Filecoin (FIL), and many others.
However, today the scenario is quite different for some of them. ADA has jumped 9% from yesterday’s low to exceed $0.26. SHIB grew by the same percentage, SOL added 7%, which was also copied by FIL, CRO, GRT and others.
Total crypto market cap lost over $60 billion in one day yesterday, but is back $20 billion today and is up to $1.050 trillion.
BTC reacts better
The primary cryptocurrency experienced increased volatility about a week ago, when it swung from $27,000 to as low as $25,400 after the SEC announced two back-to-back lawsuits against Binance and Coinbase. Interestingly, it reacted well and skyrocketed to $2,000 after the second.
It retraced slightly in the next few days and settled near $26,500. However, the overall market decline that began late on Friday also affected BTC, which fell within minutes.
Its rollercoaster continued as it pumped back up to $26,200 before quickly plunging lower to below $25,500. It has recovered a few hundred dollars since then but is still struggling below $26,000.
Its market cap is below $500 billion, but its dominance of alts soared to 48% yesterday before pulling back to 47.6% so far.
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cryptocurrency chart by TradingView.
