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Bitcoin and altcoins are not in their best shape currently. Amidst the SEC lawsuit and regulatory crackdown, the prices of major cryptocurrencies, such as Ethereum, have also taken a hit.
According to the latest research report from K33, the market dominance of Bitcoin, Ethereum, and stablecoins has touched its peak since February 2021. This is primarily due to investors moving away from altcoins amidst regulatory uncertainty.
BTC and ETH combined market cap touches 80.5%
The combined market cap of BTC, Ethereum, and stablecoins now accounts for 80.5% of the total crypto market cap. The market cap currently stands at around $1.05 trillion.
Last week, there was a notable decline in the value of altcoins. This occurred as a result of the U.S. Securities and Exchange Commission (SEC) categorizing several tokens as securities in lawsuits filed against crypto exchanges Binance, Binance.US, and Coinbase. Tokens such as Binance’s BNB, Cardano’s ADA, and Solana’s SOL, which were mentioned in the lawsuits, experienced losses of up to 30% in value throughout the week.
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The research report from K33 also depicts that the legal dispute could go on for many years. “Funds will likely retort to a hands-off approach due to excess compliance work and overall low trading volumes, disincentivizing market participants to engage. This could limit liquidity further onwards and lead to a prolonged slow market.”
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