Bitcoin

<p>The past 24 hours saw the majority of altcoins crash by a considerable margin and there are no signs of slowing down.</p>
<p>However, there&#8217;s also a clear discrepancy between the price performance of certain altcoins to that of Bitcoin and Ethereum, both of which have remained relatively resilient.</p>
<h2 id="bitcoin-dominance-soars">Bitcoin Dominance Soars</h2>
<p>Over the past 24 hours, Bitcoin&#8217;s dominance increased to around 46% (data from CoinGecko). This is a major difference. The metric tracks Bitcoin&#8217;s share relative to that of the rest of the market and is a clear indication of the dynamic between both.</p>
<p>When the BTC dominance rises, it means BTC&#8217;s price is performing better than the altcoin market.</p>
<p>Now, the major cryptocurrency is down 3.1% on the day, which is definitely not good news, but the rest of the market is performing a lot worse. This is why the dominance is increasing.</p>
<figure id="attachment_254682" aria-describedby="caption-attachment-254682" style="width: 1530px" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2023/06/btc_price_chart_1006231.jpg" data-wpel-link="internal"><img class="size-full wp-image-254682" src="https://cryptopotato.com/wp-content/uploads/2023/06/btc_price_chart_1006231.jpg" alt="btc_price_chart_1006231" width="1530" height="972" srcset="https://cryptopotato.com/wp-content/uploads/2023/06/btc_price_chart_1006231.jpg 1530w, https://cryptopotato.com/wp-content/uploads/2023/06/btc_price_chart_1006231-300x191.jpg 300w, https://cryptopotato.com/wp-content/uploads/2023/06/btc_price_chart_1006231-1024x651.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2023/06/btc_price_chart_1006231-768x488.jpg 768w, https://cryptopotato.com/wp-content/uploads/2023/06/btc_price_chart_1006231-50x32.jpg 50w" sizes="(max-width: 1530px) 100vw, 1530px" /></a><figcaption id="caption-attachment-254682" class="wp-caption-text">Source: TradingView</figcaption></figure>
<h2 id="altcoins-suffering-tremendously">Altcoins Suffering Tremendously</h2>
<p>Cardano, Solana, Polygon, and a lot of other major altcoins are trading well in the red, as seen in the following heatmap.</p>
<figure id="attachment_254683" aria-describedby="caption-attachment-254683" style="width: 906px" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2023/06/crypto_heatmap_1006232.jpg" data-wpel-link="internal"><img class="size-full wp-image-254683" src="https://cryptopotato.com/wp-content/uploads/2023/06/crypto_heatmap_1006232.jpg" alt="crypto_heatmap_1006232" width="906" height="751" srcset="https://cryptopotato.com/wp-content/uploads/2023/06/crypto_heatmap_1006232.jpg 906w, https://cryptopotato.com/wp-content/uploads/2023/06/crypto_heatmap_1006232-300x249.jpg 300w, https://cryptopotato.com/wp-content/uploads/2023/06/crypto_heatmap_1006232-768x637.jpg 768w, https://cryptopotato.com/wp-content/uploads/2023/06/crypto_heatmap_1006232-50x41.jpg 50w" sizes="(max-width: 906px) 100vw, 906px" /></a><figcaption id="caption-attachment-254683" class="wp-caption-text">Source: Coin360</figcaption></figure>
<p>The main reason behind the plummet seems to be the fact that the SEC has listed a lot of them as securities in their latest lawsuit against Coinbase. Another major trading platform &#8211; Robinhood, also announced plans to start delisting some altcoins in consideration of the above.</p>
<p>However, it&#8217;s worth noting that those cryptocurrencies that haven&#8217;t been named in the SEC&#8217;s claim are performing a bit better. For instance, Ethereum&#8217;s ETH is down only about 5%, while Ripple&#8217;s XRP is down around 6%. This is still a lot, but it&#8217;s nowhere near the 20% (and more) that coins like ADA&lt; SOL, and MATIC, among others, lost today.</p>
<p>The post <a href="https://cryptopotato.com/altcoins-crash-double-digits-bitcoin-dominance-soars-market-watch/" rel="nofollow">Altcoins Crash Double Digits, Bitcoin Dominance Soars (Market Watch)</a> appeared first on <a href="https://cryptopotato.com/" rel="nofollow">CryptoPotato</a>.</p>

Altcoins Crash Double Digits, Bitcoin Dominance Soars (Market Watch)

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