Altcoins Plunge Double-Digit, Bitcoin Dominance Rises (Market Watch)

Altcoins Plunge Double-Digit, Bitcoin Dominance Rises (Market Watch)

In the last 24 hours, most altcoins have crashed significantly and show no signs of slowing down.

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

Bitcoin dominance is rising

In the last 24 hours, Bitcoin dominance has increased to around 46% (data from CoinGecko). That is a key difference. The metric measures the share of Bitcoin relative to the rest of the market and is a clear indication of the dynamics between the two.

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

Now the major cryptocurrency is down 3.1% on the day, which is definitely not good news, but the rest of the market is doing significantly worse. That's why dominance is increasing.

TradingView

Altcoins are suffering enormously

Cardano, Solana, Polygon and many other major altcoins are trading significantly in the red, as can be seen in the heatmap below.

Coin360

The main reason for the drop appears to be the fact that the SEC listed many of them as securities in its recent lawsuit against Coinbase. Considering the above circumstances, another major trading platform – Robinhood – also announced plans to start delisting some altcoins.

However, it is worth noting that the cryptocurrencies that were not mentioned in the SEC's claim performed slightly better. For example, Ethereum's ETH is only down about 5%, Ripple's XRP is down about 6%. That's still a lot, but it's nowhere near the 20% (and more) that coins like ADA< SOL and MATIC and others lost today.

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