Bitcoin, the largest cryptocurrency, showed some signs of growth on Monday despite a general decline in the wider cryptocurrency sector. However, it has been facing difficulties in surpassing the $30,000 mark after a brief surge earlier this month.
Currently trading at $29,350, Bitcoin has been maintaining its lowest levels in over a month.
The regulatory landscape surrounding cryptocurrencies, particularly Bitcoin, in the United States remains a much-debated topic within the industry.
Coinbase Global CEO Brian Armstrong recently disclosed in an interview with the Financial Times that the Securities and Exchange Commission (SEC) requested the suspension of trading in all cryptocurrencies other than Bitcoin. This development occurred before Coinbase and the SEC became involved in their current legal dispute.
While U.S. regulators advocate for stricter regulations on cryptocurrencies other than Bitcoin, global investors seem to be diversifying their holdings.
According to Matteo Greco, an analyst at Fineqia International, the dominance of Bitcoin in the digital assets market has decreased from around 52% earlier this year to its current level of 49.8%.
Apart from Bitcoin, Ether—the second-largest cryptocurrency—experienced a slight decline of 0.4% and is currently valued at $1,866. Other smaller tokens, also known as altcoins, saw drops with Cardano down 0.5% and Polygon losing 2.3%.