- Bitcoin’s market dominance declines below 50% following Ripple’s partial legal victory against the SEC.
- The legal win triggers a surge in altcoin prices, with Ripple’s XRP leading the charge with a remarkable 83% leap.
In the thrilling world of cryptocurrencies, Bitcoin has long held the throne, commanding the highest market dominance. However, recent events have upset this equilibrium. The cryptocurrency titan saw its market dominance dip below the 50% mark on July 14th, following Ripple’s partial triumph over the United States Securities and Exchange Commission (SEC). This event marked a shift in the crypto ecosystem, signaling an uptick in altcoin prices and a subsequent downtick in Bitcoin’s dominance.
The Catalyst: Ripple’s Legal Victory
The legal standoff between Ripple and the SEC served as a catalyst for this seismic shift in the crypto marketplace. Ripple’s XRP token surged by a dramatic 83%, peaking at an intraday high of $0.866, and momentarily claimed the fourth-largest spot by market capitalization. Although Bitcoin’s dominance fluctuated around the 51% to 52% range in the preceding 24 days, the substantial gain in XRP’s value tipped the balance in favor of altcoins.
Echoes of the so-called “altcoin season” reverberated through the crypto community, hinting at a resurgence of alternative cryptocurrencies. Amid the euphoria, other altcoins deemed securities by the SEC witnessed significant gains. Ethereum ascended by a solid 8%, breaking past the $2,000 barrier for the first time in three months, while Cardano registered an impressive 25% increase, reaching $0.357.
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The Ripple Effect on Altcoins
In the ripple effect of XRP’s rally, other altcoins like Solana and Polygon experienced growth spurts of 34% and 20%, respectively. Stellar, a payment network birthed as a fork of Ripple’s codebase in 2015, saw an over 50% surge, basking in the light of Ripple’s legal victory.
While the crypto market savors the altcoin rally, questions about the sustainability of this trend emerge. As of now, the crypto markets appear range-bound in the long term. At the time of writing, Bitcoin’s dominance has edged back to approximately 50.11%, just above its 50-day moving average. Although the crypto giant witnessed a modest 3.5% daily gain, it was noticeably outperformed by its altcoin counterparts.
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