The dominance of Bitcoin (BTC) increases, while Cardano (ADA) slips by 4 % (market observation)
The dominance of Bitcoin (BTC) increases, while Cardano (ADA) slips by 4 % (market observation)
The dominance of Bitcoin compared to the old coins has increased by about 1 % in just a few days due to the recent developments in the Secry crypto industry.
Several old coins have decreased today, including Cardano, which has fallen by more than 4 %.
The BTC dominance increases
Bitcoin started the week slightly and rose to $ 27,500. But in the following hours everything changed quickly when the SEC announced a lawsuit against Binance. The cryptocurrency collapsed by $ 2,000 within a few hours and fell to the lowest level since mid-March with less than $ 25,500.
Although that seemed bad enough, the stock exchange supervisory authority went one step further on Tuesday and sued Coinbase for similar allegations that the company sells non -registered securities. BTC had recovered to around $ 26,000 before it slipped below $ 25,400.
Somewhat surprisingly, BTC recovered in the following hours and shot his weekly starting value by two giants. However, this was short-lived, and the asset fell to $ 26,500 again and has been persistent there for a few days.
This means that the market capitalization of Bitcoin is still just over $ 510 billion. However, its dominance compared to the old coins has increased by about 1 % to 46.7 % within a few days.
BTCUSD. Tradingview
ada falls by 4 %
The alternative coins experienced a similarly increased volatility in the week after the measures of the SEC. Ethereum rose from $ 1,800 to $ 1,800 and has now leveled off at just under $ 1,850. As expected, Binance Coin was one of the weakest performance. Before the message became known, the course was traded over $ 300 and fell by over $ 50 at its current status of less than $ 260.
Cardano, on the other hand, has declined sharply in the last 24 hours. Ada has dropped by over 4 % and has trouble staying over $ 0.3.
Most other old coins with larger market capitalization are also slightly in the red, while atom, GRT and Fil have lost the most value in the day.
The overall capitalization of the crypto market was able to defend the $ 1.1 trillion mark on Monday and Tuesday.
Overview of the cryptocurrency market. Quantify crypto