Bitcoin, Ethereum, Tether dominance rises as cybersecurity & fan tokens defy markets

Bitcoin’s dominance is rising as crypto investors try to decipher the implications of the recent SEC lawsuits against Coinbase and Binance. Investors appear to be converting tokens proposed by the SEC as securities into less controversial assets such as Bitcoin.

Advantages of cryptocurrencies

Since the lawsuit was filed on June 6, the market capitalization of the cryptocurrency industry has fallen 6.4% from $1.12 trillion to $1.04 trillion.Bitcoin, on the other hand, control rose 1.92% from 45.82% to 47.74%, Ethereum’s dominance rose 0.27% from 19.83% to 20.08%, and Tether’s dominance rose 0.33% from 7.63% to 8.00%.

In the last 24 hours, the market cap of non-Bitcoin cryptocurrencies fell 7.7% from $592 million to $546 million, while Bitcoin market cap fell from $513 million to $498 million. fell just 2.92% to .

The move supports the hypothesis that, at least for now, crypto investors are moving their money into assets outside the SEC’s direct range.

Among major institutional investor reports During the move As market capital and US platforms shut down some cryptocurrency services, Fear and Greed Index The market still reports a ‘neutral’ position. The index has held a near-neutral valuation since early May, but briefly fell to its second-lowest score of the year on June 6. The score he recovered to a neutral rating within 24 hours. Therefore, weekly scores are unaffected at this time.

sector performance

Market declines have not been even across all sectors, with some industries suffering significant declines while others have managed to hold their ground or even grow. The best performers were his $180M cybersecurity sector, up 1.11%, and Fan Tokens ($255M mcap), up 4.40%. Other sectors showing positive change include low-cap sectors such as debit cards (up 0.71%) and meme tokens (up 1.27%).

Conversely, some sectors have been hit hard by the decline. The $63 million cannabis sector registered a sharp decline of 28.35%, followed by the abandoned token sector, which fell 46.76%. This shows that some investors are dumping tokens from dead projects left in their portfolios.

Other hard-hit sectors include e-commerce (down 18.35% to $555 million) and media (down 16.19% to $3.3 billion).

Impact on the cryptocurrency landscape

The aftermath of the SEC lawsuit and market downturn is still ongoing, but changes in investor sentiment toward more established assets such as Bitcoin and Ethereum have pushed investors toward relative safety in the face of regulatory uncertainty. May indicate escape.

The Fear and Greed Index’s current ‘neutral’ rating suggests that the market has not yet fully responded to these recent events. However, the situation remains fluid and further developments, such as additional regulatory actions and market changes, could quickly change investor sentiment and market trends.

There is no doubt that the cryptocurrency market is undergoing major turmoil following the recent SEC lawsuits and subsequent declines.

However, the SEC’s lack of clarity continues to undermine the ability of investors and Web3 companies to safely navigate the current cryptocurrency landscape. Given the US influence in the global economy, it is difficult to ignore the SEC’s position and the industry awaits further development.