Bitcoin\u2019s price performance continues to be somewhat surprising given the positive news that came from Grayscale\u2019s court victory over the SEC earlier this week, and the asset fell to a new multi-month low.<\/p>\n
The altcoins also fell in the past 24 hours once again, except for TONCOIN, which is in a league of its own.<\/p>\n
BTC\u2019s Latest Drop<\/h2>\n
CryptoPotato<\/em> reported<\/a> 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\u2019t mean that a spot BTC ETF would indeed be approved, it was still another major win for the industry against the US securities regulator.<\/p>\n 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.<\/p>\n However, the hype quickly evaporated, and the SEC cooled things off<\/a> by delaying the decision to approve or reject all current spot Bitcoin ETF applications for another 45 days.<\/p>\n This had an immediate effect on BTC\u2019s price performance, which not only lost all gains<\/a> charted after Grayscale\u2019s win but kept plunging to a new 11-week low of about $25,350 hours ago.<\/p>\n 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%.<\/p>\n The past 24 hours didn\u2019t 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.<\/p>\n There\u2019s only one exception here \u2013 TONCOIN. The asset has been on a roll in the past week and the last 24 hours didn\u2019t disappoint. TON has soared by over 11% and trades close to $2.<\/p>\n 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.<\/p>\nTONCOIN Defies the Sentiment<\/h2>\n
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