Bitcoin

Bitcoin Dominance Hits 2-Year High After The SEC Pressured The Crypto Market

Key Points:

  • Bitcoin dominance is returning to 50% while the market is still volatile.
  • The SEC hit altcoins labeled as securities causing them to drop.
  • This is the prospect for BTC regaining its dominance if optimism grows.
In recent times, with strong and drastic actions from the U.S. Securities and Exchange Commission, the crypto market has had some transitions in terms of cash flow. Currently, Bitcoin (BTC) holds the largest share of the market, and the trend is slowly increasing.
Bitcoin Dominance Hits 2-Year High After The SEC Pressured The Crypto Market 4

According to Tradingview, with the recent drop of altcoins and Bitcoin’s relative stability, Bitcoin’s market share has lately reached close to 50%, a new high since April 2021.

BTC dominance chart. Source: TradingView

Throughout the bear market era from 2018 to 2021, Bitcoin’s market share was consistently more than 50%, reaching 73% at the start of 2021.

This is also an easy trend to explain when altcoins are facing pressure from the SEC. The SEC specifically specifies 19 cryptos as securities in the lawsuits against Binance and Coinbase. Tokens such as MATIC, SOL, and ADA, which were once considered cutting-edge solutions, are currently facing a severe decline. Meanwhile, Bitcoin and some proof of work (PoW) tokens (no PoW tokens are currently listed as securities on the list mentioned by the SEC) are “outlawed.”

At the time of writing, BTC is trading at $25,800, and it is now the cryptocurrency with the lowest drop in the past week after the war that the SEC started.

BTC price chart. Source: TradingView

The US Securities and Exchange Commission filed against Binance and Coinbase within 24 hours, citing a slew of industry hours against complaints against two of the top names.

SEC head Gary Gensler has been more certain that most cryptocurrencies are securities and that the exchanges that provide them are, therefore, unregulated.

In the near future, this momentum may continue while the market is still in a cautious position with possible news. And, of course, a Bitcoin bull run is still possible if optimism returns.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

Bitcoin Spot ETF Inflows Hit $510M, Marking Six-Day Streak

Bitcoin Spot ETF Inflows have reached $510 million as of November 13, marking six consecutive…

43 minutes ago

Solana DEX Trading Volume Hits $5B Daily for Three Straight Days

Solana DEX trading volume reached historic highs, exceeding $5 billion daily for three days. Raydium…

3 hours ago

Phantom iOS Users Lost Recovery Phrase After Updating to New Version

Phantom iOS users are warned that a recent app update caused some users to log…

3 hours ago

Japanese Crypto Exchange Coincheck Gets Approval to Launch in the US

Japanese crypto exchange Coincheck is set to become the first Japanese crypto exchange to list…

4 hours ago

DOJ Investigates Polymarket for Alleged Illegal US User Bets

The US DOJ investigates Polymarket for Alleged Illegal US User Bets Polymarket, for allegedly permitting…

5 hours ago

Get Ready for a New Level of Excitement If You Missed Ethereum ICO: Qubetics Could Redefine Success

Ethereum’s ICO was priced at around $0.30 per token, and today, it’s valued in the…

5 hours ago

This website uses cookies.