‘Altcoin season’ anyone? Bitcoin dominance tumbles after XRP victory
Bitcoin (BTC) supremacy has actually taken a tumble in the wake of Ripples partial victory versus the United States Securities and Exchange Commission, with a surge in altcoin costs quickly triggering BTC dominance to fall under the 50% mark. Bitcoin dominance– the measure of just how much Bitcoin makes up of the overall crypto market cap– fell to 49.76% during Asian trading on July 14, according to Tradingview. Simply weeks earlier, BTC market dominance finally handled to rachet above 50% after a dry spell of two years, amidst a slew of applications for area Bitcoin ETFs from major monetary companies. Over the last 24 days, Bitcoin supremacy had actually been hovering around 51% and 52%. BTC market cap supremacy. Source: TradingviewThe current dip in Bitcoin dominance comes as the crypto community is shouting the return of “altcoin season.” Increased by Ripples court success the XRP token escalated 83% to peak at an intraday high of $0.866, and briefly became the fourth-largest crypto asset by market capitalization. It is currently sitting at 5th place after a tussle with Binance Coin (BNB). ALTCOIN SEASON– Carl From The Moon (@TheMoonCarl) July 13, 2023
Bitcoin dominance– the step of how much Bitcoin makes up of the total crypto market cap– fell to 49.76% during Asian trading on July 14, according to Tradingview. Over the last 24 days, Bitcoin supremacy had been hovering around 51% and 52%. Ethereum (ETH) acquired an excellent 8% to top $2,000 for the very first time in three months while Cardano (ADA) pumped a huge 25% to reach $0.357 at the time of writing.Solana (SOL), another token deemed a security by the SEC, was up 34% to reach $29 at the time of writing.
The move was also observed by members of the crypto community who were avidly celebrating the Ripple triumph. Several of the altcoins likewise declared to be securities by the SEC rose double digits on July 14. XRP stated not a security.Bitcoin dominance: pic.twitter.com/veZDJTHQlu— Will Clemente (@WClementeIII) July 13, 2023
Ethereum (ETH) got an excellent 8% to top $2,000 for the first time in 3 months while Cardano (ADA) pumped an enormous 25% to reach $0.357 at the time of writing.Solana (SOL), another token considered a security by the SEC, was up 34% to reach $29 at the time of writing. Meanwhile, Polygon (MATIC) had actually pumped 20% to trade at $0.854. Outstanding Lumens (XLM), a payments network introduced in 2015 as a fork of the Ripple codebase, cranked over 50% on the news. Related: Which altcoins will endure the SEC crackdown? Bitcoin OG explainsHowever, it remains to be seen if this altcoin rally is sustainable as the longer-term view still shows that crypto markets are range-bound. At the time of writing, BTC dominance is back to around 50.11% simply above its 50-day moving average. The asset just handled a 3.5% day-to-day gain to top out at $31,686 and was outperformed by its altcoin brethren. Publication: How smart individuals invest in dumb memecoins: 3-point prepare for success
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Other Questions People Ask
What does the recent XRP victory mean for the altcoin season and Bitcoin dominance?
The recent partial victory of Ripple against the SEC has sparked a significant shift in the crypto market, leading to a potential altcoin season. Following this news, Bitcoin dominance fell below 50% for the first time in weeks, indicating a growing interest in altcoins. This shift is characterized by substantial gains in altcoins like XRP, which surged 83%, and others like Ethereum and Cardano, which also saw impressive increases. As Bitcoin's market cap dominance decreases, it suggests that investors are diversifying into altcoins, marking a pivotal moment for the crypto landscape.
How are altcoins performing during this potential altcoin season?
During this potential altcoin season, many altcoins have experienced remarkable price surges. For instance, XRP skyrocketed 83% following its court victory, while Ethereum gained 8% to surpass $2,000 for the first time in three months. Other notable performers include Cardano, which rose 25%, and Solana, which increased by 34%. These movements indicate a robust interest in altcoins as investors react to the changing dynamics of Bitcoin dominance.
Is the current dip in Bitcoin dominance sustainable amidst the altcoin season?
The current dip in Bitcoin dominance raises questions about its sustainability as altcoins rally. While Bitcoin's dominance fell to 49.76%, it has since rebounded slightly above 50%, suggesting volatility in market sentiment. The longer-term outlook remains uncertain, as crypto markets are still seen as range-bound. Investors should monitor these trends closely to assess whether the altcoin rally can maintain momentum or if Bitcoin will reclaim a more dominant position.
What factors contributed to the rise of altcoins during this altcoin season?
The rise of altcoins during this altcoin season can be attributed to several key factors, primarily the Ripple court victory that boosted investor confidence. This legal win not only propelled XRP's price but also encouraged speculation in other altcoins perceived as undervalued. Additionally, the recent applications for Bitcoin ETFs from major financial institutions had previously increased Bitcoin's dominance, but now seem to have shifted focus towards altcoins. As a result, many investors are diversifying their portfolios, leading to significant gains across various altcoins.
What should investors consider during this altcoin season following Bitcoin's dominance drop?
Investors should approach this altcoin season with caution and strategic planning following Bitcoin's drop in dominance. It's essential to analyze the fundamentals of each altcoin and understand their potential for growth amidst market volatility. Additionally, keeping an eye on regulatory developments, especially concerning SEC actions against cryptocurrencies, can provide insights into future market movements. Diversifying investments while remaining informed about market trends will be crucial for navigating this dynamic period in the crypto landscape.