XRP Victory Leads to Bitcoin Dominance Plunge in Crypto Market

The Crypto Market After Ripple’s Victory

Bitcoin (BTC) dominance took a hit after Ripple’s success against the US Securities and Exchange Commission, resulting in a surge in altcoin prices that briefly drove BTC dominance below the 50% mark.

According to Tradingview, Bitcoin dominance — the percentage of Bitcoin’s total crypto market capitalization — dropped to 49.76% during Asian trading on July 14. This came after weeks of BTC market dominance hovering around 51% and 52%, which was finally achieved after two years of stagnation following a series of applications for spot Bitcoin ETFs from major financial firms.

The recent dip in Bitcoin dominance has prompted the crypto community to herald the return of “altcoin season.”

Ripple’s Court Victory and the Crypto Market Boom

Ripple’s court victory has had a positive effect on the crypto market, particularly with the XRP token which skyrocketed 83% to top out at an intraday high of $0.866 and briefly became the fourth-largest crypto asset by market capitalization. It even had a tussle with Binance Coin (BNB) and is currently sitting at 5th place.

The crypto community celebrated the Ripple triumph, and the altcoins that were alleged to be securities by the SEC surged double digits on July 14.

Ethereum (ETH) gained 8% to top $2,000 for the first time in three months while Cardano (ADA) pumped a massive 25% to reach $0.357 at the time of writing.

The positive sentiment in the crypto market has been further boosted by news of luna classic crypto, optimism crypto, gala crypto today, media crypto, harmony crypto, hot crypto today, elon musk crypto, reddit crypto, and the features integrated into web 3.0.

Altcoin Rally in Crypto Markets

At the time of writing, SOL (Solana) had surged 34% to reach a price of $29, while MATIC (Polygon) had jumped 20% to trade at $0.854. XLM (Stellar Lumens), a payments network launched in 2015 as a fork of the Ripple codebase, was up more than 50%.

However, it remains to be seen if this altcoin rally is sustainable, as the longer-term view still indicates that crypto markets are range-bound. BTC dominance is back to around 50.11%, just above its 50-day moving average. The asset only managed a 3.5% daily gain to top out at $31,686, lagging behind the performance of its altcoin brethren.

As web 3.0 integrates features such as Luna Classic Crypto, Optimism Crypto, Gala Crypto Today, Media Crypto, Harmony Crypto, Hot Crypto Today, and Elon Musk Crypto, Reddit Crypto is abuzz with discussion about the future of the crypto markets.