Bitcoin Slipped to 11-Week Low, TONCOIN Defies the Odds With Massive Surge (Weekend Watch)

Bitcoin’s price performance continues to be somewhat surprising given the positive news that came from Grayscale’s court victory over the SEC earlier this week, and the asset fell to a new multi-month low.

The altcoins also fell in the past 24 hours once again, except for TONCOIN, which is in a league of its own.

BTC’s Latest Drop

CryptoPotato reported the positive developments in the crypto market earlier this week when a US judge ruled in favor of Grayscale in its lawsuit against the US Securities and Exchange Commission. While the ruling itself didn’t mean that a spot BTC ETF would indeed be approved, it was still another major win for the industry against the US securities regulator.

It propelled a massive rally for the entire market, with BTC soaring by over $2,000 in hours and tapping a multi-week peak at above $28,000.

However, the hype quickly evaporated, and the SEC cooled things off by delaying the decision to approve or reject all current spot Bitcoin ETF applications for another 45 days.

This had an immediate effect on BTC’s price performance, which not only lost all gains charted after Grayscale’s win but kept plunging to a new 11-week low of about $25,350 hours ago.

Despite recovering a few hundred dollars since then, BTC is still in the red today and sits beneath $26,000. Its market cap is close to breaking below $500 billion, while its dominance over the alts is at 48.2%.

BTCUSD. Source: TradingView## TONCOIN Defies the Sentiment

The past 24 hours didn’t bring any positive movements for most of the alts yet. In fact, all of the larger-cap alts, including ETH, BNB, XRP, ADA, DOGE, SOL, TRX, DOT, MATIC, LTC, and SHIB, are in the red, with minor losses.

There’s only one exception here – TONCOIN. The asset has been on a roll in the past week and the last 24 hours didn’t disappoint. TON has soared by over 11% and trades close to $2.

Most other alts are in the red, which has pushed the total crypto market cap south again. The metric is down to $1.040 trillion just days after breathing the $1.1 trillion level.

Cryptocurrency Market Overview. Source: Quantify Crypto