Bitcoin (BTC) dominance slips 4% as Cardano (ADA) slips (Market Watch)

Bitcoin’s dominance over altcoins has increased by almost 1% in a matter of days amid the latest development on the SEC-crypto industry front.

Many altcoins retreated today, including Cardano, which is down more than 4%.

BTC’s dominance increased

Bitcoin started the week on a slightly positive note, rising to $27,500. However, that all changed quickly in the following hours as the SEC announced a lawsuit against Binance. The cryptocurrency plummeted by $2,000 in hours, falling below $25,500 to its lowest since mid-March.

While that sounded bad enough, the Securities and Exchange Commission took it a step further on Tuesday by suing Coinbase over similar allegations that it sold unregistered securities. BTC reached almost $26,000 before correcting lower below $25,400.

Somewhat surprisingly, however, BTC bounced in the following hours and skyrocketed by two grand over its initial weekly high. However, it was short-lived, and the asset dropped back to $26,500 and remained there for a few days.

As such, the market capitalization of bitcoin is still a little over $510 billion. However, its dominance of altcoins has increased by about 1% to 46.7% in a matter of days.

ADA falls 4%

Alternative coins went through similar increased volatility during the week following the SEC’s actions. Ethereum recovered from $1,900 to $1,800 and is now settled below $1,850. Binance Coin was expected to be among the worst performers. It was trading above $300 before the news broke and has dropped over $50 to its current position of just under $260.

On the other hand, Cardano has registered a huge decline in the last 24 hours. ADA is down over 4% and is struggling to stay above $0.3.

Most other large-cap alts are also in the red, while ATOM, GRT and FIL lost the most value on the daily scale.

The total crypto market cap managed to defend the $1.1 trillion level on the previous day after dumping below it on Monday and Tuesday.