The dominance of Bitcoin has increased as investors avoid investing in altcoins due to pressure from U.S. regulators
The Bitcoin stake in the cryptocurrency market has reached its highest point since October 2021. According to CoinGecko, Bitcoin Market Cap Dominance increased to 46% for the first time in 20 months. This suggests investors are being more cautious about other cryptocurrencies.
In early June, the U.S. Securities and Exchange Commission (SEC) named a number of cryptocurrencies as unregistered securities in lawsuits against crypto exchanges Binance and Coinbase. The decision led to a sell-off of these assets by market participants.
The SEC named several cryptocurrencies as securities in its lawsuits.
In the first case they were Solana (SOL), Cardano (ADA), Polygon (MATIC), Filecoin (FIL), Cosmos (ATOM), Sandbox (SAND), Decentraland (MANA), Algorand (ALGO), Axie Infinity (AXS) and COTI (COTI).
In the second lawsuit Chiliz (CHZ), Flow (FLOW), Internet Computer (ICP), NEAR Protocol (NEAR), Voyager VGX (VGX), Dash (DASH) and NEXO (NEXO) were added to them.
BTC is treated as a commodity by U.S. regulators. And that has helped it not drop in value as much as the altcoins that have been labeled as securities have.
Our experts note that BTC rate fluctuates around the mark of $25,000+ , the first cryptocurrency lost 5.7% in price last week. Altcoins fell in price more: Solana fell in price by 22.9% in 7 days, Polygon – by 23.3%, Cardano – by 20.9%.
However, the price of Bitcoin a few days ago fell below $25,000
Bitcoin price on June 14 fell below $25 thousand and updated the minimum for 3 months. BTC within an hour fell by $1 thousand – from $25.87 thousand to $24.87 thousand. The last time the first cryptocurrency was traded at this level on March 16.
The Fear & Greed Index also fell from 46 to 41 out of 100, moving deeper into the fear zone. This index also updated to a three-month low. And the last time it was below 41 on March 12 (33 points).
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