In the aftermath of the U.S. Securities and Exchange Commission’s (SEC) lawsuits against Binance and Coinbase, two of the world’s largest cryptocurrency exchanges by volume, Bitcoin (BTC) and other altcoins found themselves under substantial selling pressure. However, Bitcoin’s upward movement from its support level at $25,000 breathed life into numerous altcoins. Notably, 10 altcoins grabbed the limelight with their performance over the past week.
Investors’ Eyes on These 10 Altcoins
The SEC’s lawsuit against Binance and Coinbase had a profound impact on the altcoin market. The classification of many prominent altcoins, such as Cardano (ADA) and Solana (SOL), as securities shook the market to its core. After Bitcoin’s rebound from $25,000, several altcoins embarked on an upward trajectory.
According to the weekly list of top-performing altcoins compiled by CryptoDep, ASTRA, SQUAD, TWT, KAS, AKT, ANT, SUI, MTL, ORDI, and LYXE have gained substantial attention due to their rising trends. Data shows ASTRA up by 110%, SQUAD by 43.7%, TWT by 29.1%, KAS by 28.6%, AKT by 27.5%, ANT by 25.9%, SUI by 25.4%, MTL by 24.3%, ORDI by 22.9%, and LYXE by 21.7% over the past week.
The Current State of Bitcoin and Altcoins
According to data from crypto analytics platform CoinMarketCap (CMC), the crypto market is keenly focused on Bitcoin’s next move. Analysts pinpoint $27,000 as a crucial threshold for the currently $26,400-priced Bitcoin, arguing that crossing this level could activate altcoins.
CMC data reveals the largest altcoin, Ethereum (ETH), trading at $1,720 after a 0.45% decline in the last 24 hours. Among the top 25 altcoins by market cap, Ripple’s XRP appears to be the only one in the green, changing hands at $0.4872 with a 0.86% increase over the past 24 hours. Conversely, the SEC-classified security, Polygon’s MATIC, is leading the top 25 altcoins with a 1.91% decrease in the last 24 hours.
