Bitcoin experienced a significant drop yesterday, losing almost a thousand dollars before continuing to experience volatility throughout the day. Although alternative coins also experienced drops, they were much more modest than bitcoin’s. However, many alternative coins plummeted by double digits. The past 24 hours have seen some recovery, with many coins, including ADA, SOL, and SHIB, bouncing back.
The recent allegations made by the US Securities and Exchange Commission (SEC) that many cryptocurrencies may be unregistered securities appear to have taken their toll on the market. Yesterday’s events validated this, with many coins mentioned in the SEC’s lawsuits against Binance and Coinbase experiencing double-digit drops, including Cardano (ADA), Solana (SOL), Shiba Inu (SHIB), Avalanche (AVAX), and Filecoin (FIL), among others.
Recovery of Some Coins
Today, the outlook is different for some coins. ADA has jumped by 9% since yesterday’s low and is now over $0.26. SHIB is up by a similar percentage, and SOL has added 7%, as well as FIL, CRO, GRT, and others.
The crypto market lost over $60 billion in a day yesterday but has since recovered $20 billion and is now up to $1.050 trillion.
Bitcoin experienced increased volatility almost a week ago, dropping from $27,000 to under $25,400 when the SEC announced its two back-to-back lawsuits against Binance and Coinbase. Interestingly, it reacted well and skyrocketed by $2,000 after the second lawsuit.
After retracing slightly in the next few days and calming at around $26,500, the overall market decline that started late on Friday affected BTC as well. It dropped by a grand in minutes, and its rollercoaster continued as it pumped back up to $26,200 before slipping back down to under $25,500 just as quickly. It has since recovered a few hundred dollars but still struggles below $26,000.
Bitcoin’s market cap is down to $500 billion, but its dominance over the alternative coins shot up yesterday to 48% before retracing to 47.6% as of now.