The crypto market has been on a rollercoaster ride over the past few weeks, with Bitcoin (BTC) recently freefalling below $22,000 before bouncing back up. Most altcoins have also registered minor daily increases, with some such as HBAR and Lido Dao soaring by double-digits. The recent market volatility was sparked by the SEC’s clampdown on crypto staking and subsequent agreement with Kraken.
BTC has since remained rather calm, trading just inches away from $22,000, and its market cap has climbed back above $420 billion. Meanwhile, the dominance of BTC over the alts has stayed at 41.3%.
The SEC’s actions have had a particularly strong effect on the ETH liquid staking niche, with several tokens such as LDO, FXS, and RTL dumping by double digits yesterday. However, Lido DAO’s native token has since recovered 10% and trades close to $2.5. HBAR is another notable gainer, having surged by over 11%.
The larger-cap alts have been calmer, but most are slightly in the green as well. These include Ethereum, Ripple, Cardano, MATIC, OKB, and DOT. The two largest memecoins, as well as Solana, are up by over 3% on a daily scale. Despite the recent price drops, the cumulative market cap has remained above $1 trillion on both CMC and CoinGecko.
