Bitcoin, which exceeded 50 percent and reached its two-year peak ( BTC), does not allow altcoins, how did this affect the price of major coins?
Bitcoin ( BTCAltcoins, which remained unresponsive despite the rapid increase, began to lose power under the influence of Dominance. of the SEC to Coinbase The fact that he accepted 13 altcoins as securities in his lawsuit report and that large companies announced that they were selling altcoins made this event even more critical. What does the relevant data show? What changes have occurred in major coins that have succumbed to the dominance of BTC?
Leader Does Not Recognize Transition to Altcoins
Starting in November 2022 FTX The crisis had brought the outflows of cryptocurrencies to the top. At that time, while the cryptocurrency market cap was falling, BTC Dominance was increasing. While BTC, which fell to $ 16,500, continued to dominate the market, transitions to altcoins were observed towards the end of the year.
Starting 2023 with 39.58 percent BTC Dominance Although it experienced fluctuations until the current period, it did not break its upward structure and showed a total increase of 26.81 percent. Since there is no bull signal on behalf of cryptocurrencies yet, the number of investors who do not keep BTC in their wallets and switch to altcoins has increased with recent events.
SECRegulators such as the CTFC have increased their pressure on the crypto industry, turning to altcoins in particular. to Coinbase Announcing that it has filed a lawsuit, the SEC designated 13 altcoins as securities in the report. In addition, there are many popular projects among these altcoins. Investors, who stepped back into altcoins in case of the continuation of their regulatory actions, brought BTC Dominance to the forefront and brought it to 50.14 percent.
Altcoin Market Failed to Dominate Arts
Institutions’ backing away from altcoins and the SEC’s filing of 13 altcoins as securities in its lawsuit against Coinbase increased the altcoin market value ( TOTAL2 ) brought it from $663.23 trillion to $519.77 trillion. It is naturally considered normal for the TOTAL2 to decrease by 25.47 percent in a short time, while the increase in BTC Dominance. But in early 2023 it was the other way around.
At the beginning of the year, TOTAL2 was $432.86 trillion. TOTAL2, which managed to reach $ 663.23 trillion on BTC’s journey from $ 16,500 to $ 30,000, increased by 54.44 percent, especially adding value to major coins. Despite the increase in TOTAL2, Bitcoin Dominance is also on the rise, showing that altcoins are in no way superior.
Effects of Bitcoin (BTC) Impact on Altcoins
Ethereum, traded at $1906 on June 2 ( ETH ), succumbing to the increasing dominance of BTC and fell to $ 1730 levels. Although BTC is at $ 26,900, one of the most striking names of the major coins, which is lower than the previous prices, was ETH.
Ripple leading the SEC lawsuit ( XRP ) upside momentum was blocked by BTC Dominance. XRP, which managed to reach $ 0.56 on June 13, lost strength due to the climb of BTC Dominance and fell to $ 0.48.
Dogecoin ($0.0697 on June 10) DOGE), both to memecoins The decrease in interest in the market was directly affected by BTC Dominance as well as negatively. When Elon Musk did not share social media about DOGE, memecoin dropped to $0.0618.
Another project most affected by altcoin exits is Avalanche ( AVAX ), the price was $14.83 on June 5th. Due to the increase in Bitcoin Dominance, which has exceeded 50 percent, the popular coin, which shot $ 10.5 months later, is now finding buyers at $ 11.4.
Solana ($22.07 on June 4th) LEFT ), became one of the most depreciated altcoins with the rise of BTC Dominance. SOL, which is priced at $ 16.05 as of the writing of the news, is watching at a critical support threshold. A possible increase in BTC Dominance could push SOL to even lower levels.
Cardano performing well in the first quarter of 2023 ( ISLAND ), was trading at $0.38 on June 6. The increasing dominance of BTC has shaken ADA, bringing the price as much as 0.26. In fact, ADA, which tested $0.24 months later, created a great danger for its ecosystem.
