XRP appears to be leading the altcoin’s rally as it attracted more than 66% in the past day alone. This comes after Ripple Labs managed to secure a victory in the SEC case that crippled the financial regulator’s plan to regulate the digital asset industry. The market reacted positively to the decision of the District Court for the Southern District of New York.
Interestingly, the cryptocurrencies that make the big gains are mostly those that the US financial regulator considers to be securities.
- Binance Coin (BNB) gain in 7 days: 8.98%
- Cardano (ADA) 7-day gain: 23.54%
- Solana gain in 7 days: 39.52%
- 7-day polygon gain: 25.97%
- COTI gain in 7 days: 12.79%
- Sandbox (MANA) gain in 7 days: 13.06%
The altcoin market — especially POS-based currencies — has made a digital double-digit gain with prices skyrocketing since the XRP court ruling.
PoW-based coins underperform
Even as Bitcoin quietly exited its $31k resistance, its Proof-of-Work (PoW) peers have underperformed. Despite all the hype surrounding the upcoming halving event, Litecoin’s network activity has slowed and its price has followed a similar trajectory. Over the past week, the “silver” digital assets recorded an increase of only 3%.
Bitcoin Cash (BCH) has been underperforming, dropping to $271 after dropping 3% in the past week. Bitcoin Satoshi’s Vision (BSV) also fell 8.04% over the same period and is currently trading at $39.20, huddled in the 58th position by market cap.
Another PoW-based cryptocurrency (XEC) eCash also remained unfazed by the broader market move, with its price down 19.15%.
The latest chart showed a somewhat contrasting picture to that of last week when Proof of Work currencies dominated gains amid escalating tensions with the Securities and Exchange Commission as well as lower energy prices.
Bitcoin’s dominance falters
Declared XRP is not a security.
Bitcoin dominance: pic.twitter.com/veZDJTHQlu
– Will Clemente (WClementeIII) July 13, 2023
Bitcoin’s share of the total cryptocurrency market has declined in the wake of the cryptocurrency’s rally. According to data from CoinMarketCap, the dominance rate has decreased by around 2% from 50.04% before the ruling to 48.58% at the time of writing. The shift is crucial as Bitcoin’s dominance has reached 50.80% of the total digital currency market, marking its highest level since April 2021.
But the market flashed green, signaling a potential altsene start after being stuck in a long cryptocurrency winter.
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