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Despite the second high-profile lawsuit launched by the SEC against a crypto company yesterday, bitcoin actually defied expectations and soared to $2,000 in hours.
Most altcoins also turned green, with ETH near $1,900 and LDO up 9%.
btc rollercoaster
The primary cryptocurrency was stuck in a tight range around $27,000 for weeks, but that finally changed on Monday after the US Securities and Exchange Commission sued Binance, its CEO and its American affiliate.
BTC responded with an immediate price drop that sent it south of $27,000 to a two-month low of $25,500, leaving $300 million in liquidations. Just as the asset got a breath of fresh air, the US securities regulator announced another lawsuit – this time against Coinbase.
BTC dropped again, this time below $25,800 to $25,400, to another multi-month low. However, the scenario changed quite unexpectedly in the following hours, as the cryptocurrency broke down and gained $2,000 to reach $27,400.
Despite losing several hundred dollars since then and currently sitting below $27,000, BTC is up more than 4% on the day, taking its market cap above $520 billion once again. After falling to 45.8% yesterday, its dominance over altcoins is also rising to 46.4%.
PEPE, STX on the rise
Alternative coins suffered just as badly as BTC yesterday, if not worse, but now the scenario is quite different. ETH dropped to $1,800, but a 3.5% gain since then has pushed the largest altcoin ever below $1,900.
BNB is expected to decline by over 8% following the SEC legal action against Binance. Though it hasn’t bounced, the asset has managed to stop the bleeding for now.
Ripple, Dogecoin, Litecoin, Polkadot and Avalanche are well in the green with gains of up to 4%. In contrast, Cardano, Polygon and Tron are down by 2-3% each.
The biggest gainers in the last 24 hours are Stacks (19%), PEPE (16%), and Terra Classic (15%).
The total crypto market cap has grown by almost $40 billion in a day and is up to $1.120 trillion.
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cryptocurrency chart by TradingView.
