Following Ripple’s partial victory against the United States Securities and Exchange Commission (SEC), the dominance of Bitcoin (BTC) in the cryptocurrency market experienced a decline. The surge in altcoin prices temporarily pushed BTC dominance below the 50% mark. According to TradingView, Bitcoin dominance fell to 49.76% during Asian trading on July 14.
Notably, BTC dominance had recently surpassed 50% after a two-year period and had been hovering around 51% and 52% in the last 24 days. However, the recent decrease in BTC dominance has led to speculation about the return of an “altcoin season” in the crypto community.
Ripple’s court victory boosted the price of XRP, which surged 83% and briefly became the fourth-largest cryptocurrency by market capitalization. Currently ranked fifth, it had a brief competition with Binance Coin (BNB). The Ripple triumph was celebrated by members of the crypto community.
Other altcoins, which the SEC also alleged to be securities, experienced significant price increases. Ether (ETH) gained 8% and surpassed $2,000 for the first time in three months. Cardano (ADA) witnessed a massive pump of 25% and reached $0.357. Solana (SOL) surged 34% to $29, while Polygon (MATIC) increased by 20% to trade at $0.854. Stellar (XLM), a payments network stemming from the Ripple codebase, saw a remarkable increase of over 50%.
However, the sustainability of this altcoin rally remains uncertain, as the longer-term view suggests that the crypto market is still range-bound. At the time of writing, BTC dominance has climbed back to around 50.11%, slightly above its 50-day moving average. Bitcoin recorded a daily gain of 3.5%, reaching a peak of $31,686, but it was outperformed by various altcoins in terms of price performance.
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