Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
XRP Soars 10%, Lifting Altcoins as Bitcoin Dominance Teeters at 1-Month Low

XRP Soars 10%, Lifting Altcoins as Bitcoin Dominance Teeters at 1-Month Low

CoindeskCoindesk2023/07/19 21:44
By:Krisztian Sandor

Bitcoin’s stall despite a recent wave of positive crypto news is a cause for concern, one observer said.

XRP price in the last 24 hours (CoinDesk)

Ripple’s extended its winning streak Wednesday as smaller tokens outperformed bitcoin ().

The native token of the Ripple payment system recently soared some 10% in the past 24 hours, gaining the most among the by market capitalization.

In an email to CoinDesk, Markus Levin, co-founder of XYO Network, wrote that XRP continued to benefit from its in an ongoing Federal court feud with the Securities and Exchange Commission ().

The decision has such as Coinbase, Kraken and Bitstamp to relist XRP, leading to a jump in investments, and for futures contracts.

"In short, we’re seeing a return of investors that had previously been spooked by recent regulatory measures," Levin said.

XRP was changing hands at around $0.84, not far off its recent high of $0.93 recorded shortly after last Thursday’s court decision.

Smaller cryptocurrencies also gained during the day. , the Ripple-adjacent Stellar network’s token, surged 24%. Cardano’s and Solana’s were up roughly 6%, while popular memecoin dogecoin () rose 4% after Twitter owner and Tesla CEO Elon Musk posted a .

Read More:

BTC, meanwhile, traded mostly flat around $30,000. Ether (), the second largest digital asset by market value, also remained muted during the day at $1,900. The , a measure of crypto markets performance, was recently up 0.7%.

“The general macro setup is looking more favorable for risk assets as a whole," Levin said, adding that "the market expects there to be one more rate hike – and then no more – given that inflation is clearly falling."

Crypto investors have visibly shifted their focus to smaller, riskier tokens, given the strong performance of so-called altcoins as BTC stalled.

Notably, the , which measures bitcoin's share of the total market capitalization of crypto assets, pulled back to 49.8% from a 52% high in late June, according to . This is close to its lowest level in a month.

Bitcoin dominance rate (TradingView)

“Despite a swath of positive news stories over the last month for the crypto industry – from the , the XRP legal victory through to presidential candidate Kennedy stating he would today – nothing has helped bitcoin sustain momentum above $31K,” Charles Edwards, founder of bitcoin-focused hedge fund Capriole Investments, noted in a .

“When good news like this, probably the best news for our industry in years, can’t transform into sustained inflows and price progression, there is cause for concern,” Edwards said.

Edited by James Rubin.

59

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Drift Ecosystem Newsletter #1

X2024/11/09 04:29

VIPBitget VIP Weekly Research Insights

The Solana ecosystem has shown remarkable performance this year. The 24-hour trading volume on Solana's DEXs frequently surpasses that of Ethereum, and the SOL/ETH exchange rate has steadily risen. Coinbase's recent Q3 earnings report revealed that SOL now accounts for 11% of its trading revenue, highlighting users' strong interest in trading SOL. During this market cycle, it can be advantageous to hold SOL positions. Additionally, holding SOL-based LSTs allows you to earn annualized returns that are denominated in SOL. Bitget has partnered with Solayer, Orca, Save, and Kamino to launch BGSOL, and will work to expand BGSOL's applications. With the support from Bitget, BGSOL currently offers the highest APR among SOL-based LSTs.

Bitget2024/11/08 06:08