ADA, SOL, SHIB Recover 8% Following Saturday’s Crash, XRP Reclaims $0.5 (Weekend Watch)

On Jun 11, 2023

Albeit in a more modest fashion than the alts, bitcoin slumped hard yesterday by almost a grand before experiencing more volatility throughout the day.

Most alternative coins, though, plummeted hard by double digits. The past 24 hours have been more positive as ADA, SOL, SHIB, and many others have managed to bounce off.

Alts’ Rollercoaster

It’s safe to say that the recent allegations made by the US Securities and Exchange Commission that many cryptocurrencies could actually be unregistered securities have started to take their toll on the market. The events from yesterday validate this.

Many of the mentioned by the SEC in its lawsuits against Binance and Coinbase plummeted by double digits yesterday. These include Cardano (ADA), Solana (SOL), Shiba Inu (SHIB), Avalanche (AVAX), Filecoin (FIL), and many others.

Today, however, the landscape for some of them is quite different. ADA has jumped by 9% since yesterday’s low and has pumped to over $0.26. SHIB is up by a similar percentage, SOL has added 7%, which was also mimicked by FIL, CRO, GRT, and others.

The total crypto market cap lost over $60 billion in a day yesterday but has recovered $20 billion today and is up to $1.050 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto

BTC Reacted Better

The primary cryptocurrency experienced enhanced volatility almost a week ago when it dumped from $27,000 to under $25,400 once the SEC announced its two back-to-back lawsuits against Binance and Coinbase. Interestingly, it reacted well and skyrocketed by $2,000 after the second one.

It retraced slightly in the next few days and had calmed at around $26,500. However, the overall market decline that started late on Friday affected BTC as well, which dropped by a grand in minutes.

Its rollercoaster continued as it pumped back up to $26,200 before it slipped just as quickly back down to under $25,500. It has recovered a few hundred dollars since then but still struggles below $26,000.

Its market cap is down to $500 billion, but its dominance over the alts shot up yesterday to 48% before retracing to 47.6% as of now.

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Cryptocurrency charts by TradingView.

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