Altcoins Boom as Bitcoin Social Interest Wanes: Ethereum, XRP, and BNB Lead
• Altcoins including Ethereum, XRP, and Binance Coin are gaining social interest as Bitcoin’s declines.
• The SEC recently filed a lawsuit against Coinbase and Binance for selling unregistered securities.
• Robinhood and crypto.com have announced to close their US-based exchanges.
Altcoins On the Rise
Santiment, a popular on-chain data vendor, has tweeted that three leading altcoins; XRP, Ethereum, and Binance Coins, are rising in social sentiment due to the decline in Bitcoin’s social interest. Ethereum is leading in social interest besides ETH, DOGE, ADA, XRP and BNB which are attracting the crypto community’s interest.
SEC’s Crypto Crackdown
The US Securities Exchange Commission (SEC) recently files a lawsuit against Coinbase and Binance for selling unregistered securities among other allegations. The SEC accused Coinbase of operating as an unregistered broker and exchange while listing 13 digital assets such as SOL token from Solana, MATIC coin from Polygon, FIL token from Protocol Labs‘ Filecoin token and ADA token from Cardano as “crypto asset securities“. Robinhood then announced its decision to not support trading coins from Solana , Cardano ,and Polygon starting June 27th 2023 whereas Crypto.com closed its US-based institutional exchange .
CoinMarketCap data shows that Bitcoin and Ethereum declined by less than 5% whereas Cardano declined by 20%, Solana by 18%, Polygon by 18%, Filecoin by 19% and Binance’s BNB token fell by 16%. This market reaction follows President Joe Biden’s appointment of Gary Gensler as head of the SEC who has been on a crackdown going after crypto exchanges since 2021 .
Altcoins continue to gain traction while Bitcoin remains steadfast amidst industry turmoil caused mainly due to SEC’s crypto crackdown headed by Gary Gensler since 2021 . Some exchanges have closed down or restricted trading in certain cryptos but most altcoins have managed to stay afloat with minor losses compared to some leading tokens like Cardano , Solana ,Polygon ,Filecoin which recorded significant losses compared to other coins .
Cryptocurrencies remain volatile despite their presence for over a decade now with governments around the world looking into regulating these digital assets more stringently than before . Altcoins however remain promising investments backed up with strong community engagement keeping them alive during tough times .