Old coins crash down in two digits, Bitcoin dominance increases (market observation)

Old coins crash down in two digits, Bitcoin dominance increases (market observation)

Most old coins have crashed in the last 24 hours, and there are no signs of slowing down.

However, there is also a clear discrepancy between the price development of certain altcoins and that of Bitcoin and Ethereum, both of which have remained relatively resistant.

Bitcoin dominance increases

In the last 24 hours, Bitcoin's dominance has risen to around 46 % (data from Coingecko). That is a major difference. The key figure measures the proportion of Bitcoin in relation to the rest of the market and is a clear indication of the dynamics between the two.

If BTC's dominance increases, this means that the price of BTC develops better than the Altcoin market.

Now the big cryptocurrency has fallen by 3.1 % that day, which is definitely not good news, but the rest of the market does much worse. Therefore the dominance increases.

Tradingview

old coins suffer enormously

Cardano, Solana, Polygon and many other large old coins clearly note in the minus, as can be seen in the following Heatmap.

Coin360

The main reason for the break -in seems to be the fact that the SEC has listed many of them as securities in its latest lawsuit against Coinbase. Another large trading platform - Robinhood - also announced, taking into account the above circumstances, plans to start with the delisting of some old coins.