- Major SEC lawsuits have significantly disrupted the cryptocurrency market.
- High market-cap cryptocurrencies aren’t immune to market volatility.
In a significant twist of events, the cryptocurrency market is reeling. The blame squarely falls on the SEC’s lawsuits against prominent crypto exchanges Binance and Coinbase. Over 100 digital currencies have felt the sting, and even top market-cap cryptocurrencies weren’t spared.
A Glimpse at the Ten Hardest-Hit Cryptocurrencies
Leading the pack is Sui (SUI). Significantly, it lost 21.3% of its value, dragging the price to a lowly $0.759. This drop reveals the unpredictability tied to digital assets, despite SUI’s hefty $400 million market cap.
Hot on SUI’s heels is Coinflux Network (CFX). CFX experienced a 20.4% plunge, bringing its value to $0.232. Despite a $667 million market cap and a 24-hour trading volume of $155.7 million, CFX couldn’t dodge the bullet.
Next, Algorand (ALGO) tumbled by 14.8%, sliding to a mere $0.125. With a market cap of $909 million and a $43.7 million trading volume, ALGO found it tough to weather the storm. Moreover, Trust Wallet Token (TWT) wasn’t far behind. TWT fell 14.6% to $0.916. However, its modest $381 million market cap and $9.1 million 24-hour volume didn’t provide much solace.
Pepe (PEPE) ranks fifth, slumping 14.5% to a rock-bottom $0.0000011. However, PEPE still boasts a $469 million market cap and a $122 million trading volume. Coming in sixth is the Graph (GRT). According to reports, it declined by 14%, now trading at $0.114. GRT’s market cap rests above $1 billion, alongside a $21.6 million 24-hour volume.
Also caught in the storm was Polygon (MATIC). It dipped 12.6% to $0.783, albeit with a solid $7.2 billion market cap and a $32.7 million trading volume. Notably, Flow (FLOW) and BNB (BNB) fell by 12.5%. FLOW currently sits at $0.636, while BNB dropped to $264.99, each retaining substantial market caps and trading volumes.
Lastly, Gala (GALA) saw a 12% drop to a current trading price of $0.026. In conclusion, the recent SEC lawsuits have sown chaos across the cryptocurrency landscape. It’s clear that not even the most robust cryptocurrencies are safe from such turmoil.