The crypto market has been exposed to an increased volatility due to the ongoing SEC’s legal drama against two of the major cryptocurrency exchanges today. As a result, altcoins have lost significant value recently. A few altcoins however, have managed to contain the effects of the SEC’s legal drama and ranked amongst the top gainers recently across the different trading platforms like Binance, Kucoin, and eToro Social trading platforms. This article has examined the prominent altcoins that gained the most amidst the SEC’s legal drama with the crypto exchanges.
SEC’s Legal Drama against the major Crypto exchanges
The Securities and Exchange Commission (SEC) has been a major source of uncertainty in the cryptocurrency market in recent months. The regulatory body has taken legal action against several major cryptocurrency exchanges, including Binance and Coinbase for operating illegally within the US and offering some assets which they classified as Securities on their platforms. This has led to a sell-off in the market, with many altcoins losing significant value. A few altcoins that have bucked the trend and gained value in recent weeks. These altcoins are likely benefiting from the fact that the SEC’s legal drama is cooling down. We have discussed these altcoins below.
Which Altcoins Gained the Most from the SEC’s Legal Drama?
While the SEC’s legal drama with the two major crypto exchanges recently has resulted in a massive dip for Cryptocurrencies. A few altcoins have gained amidst the ongoing drama. The most remarkable amongst them have been discussed below.
Decred has been making waves in the cryptocurrency market, and in the last 24 hours, it experienced a substantial gain of over 12%. This decentralized digital currency focuses on community-driven governance, aiming to strike a balance between miners and holders. Decred’s strong performance can be attributed to various factors, including positive market sentiment, favorable news, and increased adoption.
TomoChain, a scalable blockchain network, has seen impressive growth, with gains exceeding 30% within the last 48 hours. This platform aims to address the scalability and speed limitations of other blockchains, making it an attractive choice for developers and businesses. TOMO’s recent surge can be attributed to increased recognition, partnerships, and market demand for more efficient blockchain solutions.
Filecoin, a decentralized storage network, experienced a gain of over 10% in the last 48 hours. The project utilizes blockchain technology to create a marketplace for storing and retrieving data, allowing users to rent out their unused storage space. FIL’s recent growth in its utility, as well as the increasing demand for its decentralized storage solutions has attracted more investors to buy Filecoin (FIL) recently. Leading to the significant price surge witnessed this week.
Enzyme (Formerly Melon Protocol) MLN:
Enzyme, formerly known as Melon Protocol, witnessed a remarkable surge of over 25% within the last 48 hours. Enzyme is a decentralized asset management platform built on the Ethereum blockchain. It enables users to create and manage investment funds while maintaining full control over their assets. The recent gains of MLN could be attributed to positive market sentiment, product developments, and growing interest in decentralized finance (DeFi) solutions.
Phala Network (PHA):
Phala Network, a privacy-focused blockchain platform, saw a gain of over 12% in the last 12 hours. PHA aims to provide secure and private computation services, empowering developers to build decentralized applications that protect user data. The recent surge in PHA’s value may be a result of its unique offering, increased attention to privacy, and the growing demand for confidential computing solutions.
As the SEC’s legal drama continues to cool down, it is possible that we will see more altcoins gain value in the coming weeks. However, the future of the crypto industry remains uncertain and it is important for investors to exercise caution while investing in cryptos today.