Is King Bitcoin (BTC) doing better than other cryptocurrencies? Yes, if we look at the share of capitalization that it represents at the moment. The BTC indeed displays a dominance of almost 50%, following the fall of the altcoins. What does that mean ?
Altcoins fall over the weekend
Cryptocurrency prices had a turbulent weekend, following to the aggressive campaign of the Securities and Exchange Commission (SEC). Its president Gary Gensler has further stepped up the pressure over the past week, calling certain crypto assets “securities”.
The complaints against Binance, Binance US and Coinbase indeed affect altcoins, in particular the MATIC, the ADA, the SOL or even the ATOM. These latter are indeed considered as “transferable securities” by the American financial policeman, who relies on this interpretation to justify his attacks.
The teams of these cryptocurrencies rebelled against these actions, but it was not enough to spare their courses. They fell sharply, falling in Bitcoin (BTC) and Ether (ETH) :
🔴 Altcoins are crashing this morning!
The tokens targeted by the SEC as securities (MATIC, SOL, ADA, ATOM, etc.) printed their biggest falls of the year 2023 📉
For now, #BTC And #ETH hold on… pic.twitter.com/uKyoYlrPmx
—Cryptoast (@CryptoastMedia) June 10, 2023
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Bitcoin dominance is on the rise
As a result, Bitcoin (BTC) dominance is on the rise. This morning, the largest cryptocurrency again represents nearly 50% of the cryptocurrency market. The rise has been clear for a few days, and shows the difference in treatment between BTC and the altcoins targeted by the SEC:
Progression of BTC dominance
Bitcoin had not reached this weight in terms of capitalization share since May 2021. This return to the dominance of BTC therefore shows that the ecosystem has been shaken by profound changes in recent weeks, and that Bitcoin seems to be considered a “haven” within the cryptocurrency market.
This morning, the cryptocurrencies indirectly targeted by the SEC show significant drops. Solana’s SOL thus lost -29% over the week, and Cardano’s ADA and Binance’s BNB fell by -25%. For comparison, the other altcoins do not show such large losses: ETH loses -7%, and XRP shows -4%.
Times are therefore uncertain for these particular cryptocurrencies., as well as the exchange platforms concerned. It should be remembered, however, that while the regulator can sow panic on the markets through its actions against companies present in the United States, it has no control over the functioning of decentralized blockchains.
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Source: Trading View
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Journalist at Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that stem from the blockchain and I like to find the most crispy information to share with you.
Marine Debelloir
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