- Altcoin market experiences downturn, with BNB, ADA, SOL, and MATIC suffering losses.
- Crypto Banter suggests investing in Bitcoin if altcoin market fails to grow.
- SEC’s legal actions may render Bitcoin investment more appealing.
The altcoin market has experienced a downturn, with notable coins such as Binance Coin (BNB), Cardano (ADA), Solana (SOL), and Polygon (MATIC) suffering significant losses in the past week.
According to a recent market trend analysis, the knowledgeable crypto specialist behind the Crypto Banter YouTube channel has suggested that investing in Bitcoin (BTC) may be prudent if the altcoin market fails to show substantial growth in the upcoming weeks.
The analyst astutely noted that if altcoins fail to achieve a higher high on their imminent push-up within the next two to three weeks, it may be prudent to shift focus towards Bitcoin.
The crypto luminary based his analysis on the recent legal actions initiated by the U.S. Securities and Exchange Commission (SEC) against leading digital asset trading companies such as Binance and Coinbase. Notably, the SEC has classified nearly all major cryptocurrencies available in the market as securities in its latest submission.
According to Crypto Banter, the U.S. regulatory body may face prolonged assaults on alternative cryptocurrencies, rendering Bitcoin investment more appealing. The analyst stated in a professional tone:
We got two options: it is either a long-term attack that will affect altcoins for the next six months or altcoin capitulation where they are drilling to make everyone get out of altcoin, and we know what comes next.
According to data from CoinMarketCap, SOL (-28%) and ADA (-24%) have experienced the most significant market share decline among altcoins in the past seven days. In contrast, Bitcoin has remained relatively stable, with only a 3% loss and maintaining its position at around $25k.
