Bitcoin and select altcoins show resilience even as the crypto market sell-off continues
Regulatory enforcement against the crypto sector has spooked investors, but the total crypto market capitalization continues to hold above $1 trillion. A bearish trend formation has been pressuring cryptocurrency prices for the past eight weeks, driving the total market capitalization to its lowest level in more than two months at $1.06 trillion, a 2.4% decline between June 4 and June 11. This time, the move wasn’t driven by Bitcoin (BTC), as the leading cryptocurrency gained 0.8% during the seven-day period. The negative pressure came from a handful of altcoins that plunged over 15%, including BNB (BNB), Cardano (ADA), Solana (SOL), Polygon (MATIC) and Polkadot (DOT). Total crypto market cap in USD, 1-day. Source: TradingView Notice that the downtrend initiated in mid-April has tested the support level in multiple instances, indicating that an eventual break to the upside would require extra effort from the bulls. The United States Securities and Exchange Commission tagged multiple a...