Crypto Rollercoaster: BTC and TONCOIN Moves
BTC's Recent Decline
Earlier this week, the cryptocurrency market witnessed a series of positive developments when a US judge ruled in favor of Grayscale in its lawsuit against the US Securities and Exchange Commission. While this ruling did not guarantee the approval of a spot BTC ETF, it marked another significant victory for the industry in its ongoing battle with the US securities regulator.
This decision sparked a substantial market rally, with BTC surging by more than $2,000 within hours and reaching a multi-week high above $28,000.
However, the initial enthusiasm quickly dissipated as the SEC applied the brakes, postponing its decision on all pending spot Bitcoin ETF applications by an additional 45 days.
This move had an immediate impact on BTC's price performance, erasing all the gains made after Grayscale's legal victory and sending it to a new low for the past 11 weeks, hovering around $25,350 just hours ago.
While BTC has managed to recover a few hundred dollars since then, it remains in negative territory today and is trading below $26,000. Its market capitalization is on the brink of falling below the $500 billion mark, and its dominance over alternative cryptocurrencies stands at 48.2%.
TONCOIN Bucks the Trend
Over the last 24 hours, most alternative cryptocurrencies have failed to show any positive movement. In fact, all the major altcoins, including ETH, BNB, XRP, ADA, DOGE, SOL, TRX, DOT, MATIC, LTC, and SHIB, are experiencing minor losses.
However, there is one notable exception in this scenario – TONCOIN. This digital asset has been on an impressive uptrend over the past week, and the last 24 hours have been no different. TON has surged by more than 11% and is now trading at approximately $2.
The majority of other altcoins are facing declines, contributing to a downturn in the overall cryptocurrency market cap. The total market capitalization has dipped to $1.040 trillion just days after briefly breaching the $1.1 trillion mark. These fluctuations remind us of the inherent volatility in the cryptocurrency space.