XRP appears to be leading the altcoin rally fetching over 66% in the past day alone. This comes after Ripple Labs managed to score a victory in the SEC case crippling the financial regulator’s plan to regulate the digital asset industry. The market has reacted positively to the District Court for the Southern District of New York’s ruling.
Interestingly, altcoins that have posted significant gains are mostly the ones considered as securities by the US financial regulator.
- Binance Coin (BNB) 7-day gains: 8.98%
- Cardano (ADA) 7-day gains: 23.54%
- Solana 7-day gains: 39.52%
- Polygon 7-day gains: 25.97%
- COTI 7-day gains: 12.79%
- The Sandbox (MANA) 7-day gains: 13.06%
The altcoin market – especially the PoS-based coins – chalked out double-digital gains as prices skyrocketed since XRP’s court ruling.
PoW-Based Coins’ Underwhelming Performance
Even as Bitcoin quietly broke out of its $31k resistance, its peer PoW-powered coins have underperformed. Despite all the buzz surrounding the upcoming halving event, Litecoin’s network activity has slowed down, and its price followed a similar trajectory. Over the past week, the “silver” digital asset noted a mere 3% increase.
Bitcoin Cash’s (BCH) performance was underwhelming and slid down to $271 after a 3% decline in the past week. Bitcoin Satoshi’s Vision (BSV) was also down by 8.04% over the same period and was currently trading at $39.20, huddled up in the 58th spot by market cap.
Another PoW-based crypto eCash (XEC) also remained unfazed by the broader market movement, with its price plummeting by 19.15%.
The latest chart depicted a fairly contrasting picture to that of last week when proof-of-work coins dominated the gains amidst escalating tensions with the SEC as well as plunging energy prices.
Bitcoin’s Dominance Falter
XRP declared not a security.
Bitcoin dominance: pic.twitter.com/veZDJTHQlu
— Will Clemente (@WClementeIII) July 13, 2023
Bitcoin’s share of the total crypto market tanked in the wake of the altcoin rally. According to data from CoinMarketCap, the dominance rate fell by nearly 2% from 50.04% pre-ruling to 48.58% at the time of writing. The turnaround is crucial because Bitcoin dominance had reached 50.80% of the total crypto market, marking its highest level since April 2021.
But the market flashed green, signaling the onset of a potential altseason after being stuck in a long crypto winter.