Bitcoin has surprised the market by defying expectations and experiencing a rapid surge of $2,000 in just a few hours, despite facing a second high-tier lawsuit launched by the US Securities and Exchange Commission (SEC) against a crypto company.
This positive momentum has also influenced altcoins, with Ethereum (ETH) nearing $1,900 and several others turning green.
Altcoins Recover Alongside Bitcoin:
Altcoins, which suffered significant losses alongside Bitcoin due to the SEC-related lawsuit, have seen a notable change in the market landscape.
Ethereum dropped to $1,800 but has since rebounded with a 3.5% increase, approaching the $1,900 mark. Other altcoins have also shown signs of recovery, with Ripple, Dogecoin, Litecoin, Polkadot, and Avalanche recording gains of up to 4%. However, Cardano, Polygon, and TRON have experienced slight declines of 2-3%.
BNB Faces Selling Pressure:
Binance Coin (BNB) has expectedly faced selling pressure, plummeting by over 8% following the SEC’s legal actions against Binance. While the asset has not fully recovered, it has managed to stabilize its price for the time being, halting further losses.
Top Gainers in the Past 24 Hours:
Several altcoins have emerged as the most substantial gainers in the past 24 hours. Stacks (STX) leads the pack with a remarkable 19% gain, followed by PEPE with a 16% surge, and Terra Classic (LUNA) with a 15% increase. These standout performers indicate the potential for significant price movements in the altcoin market.
Market Cap Rebounds:
The total crypto market cap has recovered approximately $40 billion within a day, reaching $1.120 trillion. This recovery demonstrates renewed confidence in the market and suggests that investors are optimistic about the long-term potential of cryptocurrencies, despite regulatory challenges.