During May and June, even during bearish markets and strong downtrends, the tokens traded relatively well against bitcoin. So far, in July, bitcoin has proven its dominance through a stable performance against the US dollar. Why Bitcoin Is the King Now Over the past three months, the tokens have had a solid basis for increasing volume and price, mainly due to two main factors: Ethereum’s approval by the US securities and exchange Commission (SEC) as a coin not falling under the definition of securities and the unexpected move by Coinbase – to add two new tokens in the near future. As CCN has reported, on June 15, the SEC for the first time in history found that BTC and ETH were not considered securities under the US financial laws. The Commission stressed that cryptocurrencies were supported by a decentralized group of developers and did not benefit a particular object. However, despite the rapid improvement in the regulatory aspect of the tokens and the cryptocurrency trading market, they continued to decline during July, even in pairs with bitcoin. The predominance of BTC has paid off, reaching 40 percent at first and eventually restoring to 45 percent, for the first time since November 2017, when the index of dominance was 58,67%. |
