Top 3 altcoins bleed in double-digits as Bitcoin dominance rises: MATIC, Cardano and Solana


Share:
  • Polygon network’s token MATIC, Cardano and Solana prices declined in double-digits since Friday as Bitcoin dominance continued to rise. 
  • BTC dominance increased to 45.91% at the time of writing, observing a 1% increase since Friday. 
  • The Securities and Exchange Commission has labeled ADA, MATIC and SOL as securities, increasing the selling pressure on these assets.

Bitcoin dominance is increasing consistently since Friday. It is likely that market participants are rotating capital from Polygon (MATIC), Cardano (ADA), and Solana (SOL) to Bitcoin. These assets rank in the list of cryptocurrencies labeled as “securities” by the US Securities and Exchange Commission (SEC). 

Also read: Vitalik Buterin proposed this roadmap for Ethereum as the altcoin battles intense selling pressure

MATIC, Cardano and Solana crumble under rising selling pressure

The US SEC’s regulatory crackdown on cryptocurrencies in its lawsuit against Binance and Coinbase has set a series of events in motion, triggering a bloodbath in crypto. Altcoins that were labeled as securities by the US financial regulator have suffered a double-digit drop in their prices as traders shed their holdings. 

Alton prices decline under selling pressure

Altcoin prices decline under selling pressure 

Alongside altcoin bloodbath, Bitcoin’s dominance has increased from 44.89% to 45.91% since Friday. Based on data from CoinGecko, the largest asset by market capitalization continues to dominate the ecosystem as altcoins crumble under selling pressure from the uncertainty among traders.

Binance’s Changpeng Zhao (CZ) attempted to explain the narrative driving the decline in altcoin prices and the mass sell off experienced by MATIC, SOL and ADA. CZ assured market participants that Binance is not converting its holdings to fiat. 

The exchange’s crypto reserves have increased over the past few weeks. CZ asks crypto traders to manage their fear, greed and risks while the exchange focuses on ensuring smooth operations of the trading platform.

If altcoin market capitalization continues to decrease and Bitcoin dominance rises, the asset could begin its recovery in the short term.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

APE price nosedives nearly 9% while ApeCoin community votes on three active proposals

APE price nosedives nearly 9% while ApeCoin community votes on three active proposals

ApeCoin community is currently voting on three proposals to increase the adoption of the asset among market participants through higher engagement. APE’s recent token unlock and the active proposals could influence APE price in the coming weeks and months. 

More APE News

USDC stablecoin issuer Circle ends support on TRON due to compliance, risk management issues

USDC stablecoin issuer Circle ends support on TRON due to compliance, risk management issues

Circle announced plans to discontinue USDC on the TRON blockchain in a phased manner. USDC issuer will no longer mint the stablecoin on TRON, effective Wednesday. Circle stated that its decision is a part of risk management and USDC will remain safe with the change.

More Cryptocurrencies News

Uniswap launches v2 on Arbitrum, Polygon, Optimism, Base, Binance Smart Chain and Avalanche

Uniswap launches v2 on Arbitrum, Polygon, Optimism, Base, Binance Smart Chain and Avalanche

Uniswap v2 enables swaps on six chains and users can access it from a single interface. UNI price declined nearly 4% on Wednesday to $7.309. UNI price could revisit 2024’s peak at $7.972 as on-chain metrics support uptrend.

More Cryptocurrencies News

Ripple CEO criticizes SEC says regulator has lost lawsuits consistently; XRP price holds firm above $0.55

Ripple CEO criticizes SEC says regulator has lost lawsuits consistently; XRP price holds firm above $0.55

Ripple CEO Brad Garlingouse commented on the SEC v. Ripple lawsuit and a potential XRP ETF. The payment remittance firm recently acquired Standard Custody to venture into the crypto custodian business. 

More Ripple News

Bitcoin: BTC eyes $60,000 but correction looms

Bitcoin: BTC eyes $60,000 but correction looms

BTC has been moving up only since January 22 but could slip into a consolidation before the next leg up. With the rate at which BTC is climbing after the ETF approval, coupled with strong fundamentals, investors should consider buying the dips before BTC hits $60,000.

Read full analysis

BTC

ETH

XRP