In a recent tweet, Santiment, a prominent cryptocurrency data analytics platform, revealed an intriguing shift in the social media landscape surrounding digital currencies.
After witnessing a significant surge in social volume for Bitcoin since March, the tides are now turning, with Ethereum, XRP Network, and Binance Coin emerging as the new hot topics of discussion.
Altcoins, the alternative cryptocurrencies to Bitcoin, are gradually regaining their strength, influenced by the varying levels of confidence among the masses.
One possible explanation for this shifting dynamic could be attributed to the recent regulatory actions taken by the U.S. Securities and Exchange Commission (SEC) against two major exchanges, Binance and Coinbase.
The SEC has filed lawsuits against these platforms, alleging their violation of federal securities law. Interestingly, the lawsuit highlights explicitly several tokens listed as securities, including Solana (SOL), Cardano (ADA), Polygon (MATIC), Sandbox (SAND), Filecoin (FIL), Axie Infinity (AXS), Chiliz (CHZ), Flow (FLOW), Internet Computer (ICP), Near (NEAR), Voyager (VGX), Dash (DASH), and Nexo (NEXO).
Furthermore, XRP, the native cryptocurrency of Ripple, has attracted considerable attention due to the long-awaited unsealing and public release of the Hinman documents.
These documents pertain to Bill Hinman, the former SEC’s corporation finance division director. The contents of these documents have generated significant anticipation within the crypto community as they shed light on the SEC’s perspective regarding the regulatory status of XRP.
Bitcoin Stands At 61.74% In The Money
On the other hand, IntoTheBlock, a prominent blockchain analytics firm, highlighted the recent dip in the crypto market, which has resulted in a decline in several asset values.
In fact, some assets have experienced losses exceeding 90% for their holders. However, amidst this gloomy scenario, certain assets have proven resilient.
To explore this further, IntoTheBlock has released an infographic comparing various cryptocurrencies. According to the provided chart, Bitcoin stands at 61.74% in the money, indicating a favorable situation for its holders. Litecoin, on the other hand, finds itself at 60.58% out of the money, suggesting a less favorable position.
Ethereum, with 59.48% in the money, continues to show promise. Dogecoin is currently at 51.74% out of the money, while Cardano stands at a concerning 91.52% out of the money. Avalanche appears to face the most significant challenge, with 95.56% out of the money.
The IntoTheBlock infographic provides valuable insights into the current market condition of these prominent assets, shedding light on their performance and resilience amidst the market dip.
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