Bitcoin's (BTC) dominance rate or share in the total crypto market capitalization rose to nearly 50%, marking the highest level since April 2021, according to data tracked by charting platform TradingView.
The rise in dominance came as altcoins like SOL, MATIC, DOGE, and ADA suffered double-digit losses yesterday after SEC categorized them as unregistered securities.
Meanwhile, bitcoin lost just 3%. The relative outperformance stemmed from the fact that bitcoin is the only cryptocurrency deemed not a security by the US SEC, as well as an increased haven demand – investors move money out of altcoins and into bitcoin.