Bitcoin’s market dominance hits record lows as altcoins soar post-XRP win

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Written on Jul 14, 2023

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Bitcoin’s crypto market share recorded the most 24hr dip since 13 June 2022.
Altcoins continue to soar after the court ruled in favor of XRP.
Market players believe the alt season is underway.

Bitcoin’s dominance, its share of the overall cryptocurrency market, dipped on Thursday following Ripple’s win against the United States Securities and Exchange Commission. The ruling catalyzed optimism within the altcoin market, with leading alts recording double-digit surges.

In a notable event in the cryptocurrency world, the court ruled that XRP isn’t a security when transacted via centralized exchanges but not when sold to institutions (read more here). Prominent individuals, including Binance’s Changpeng Zhao, congratulated Ripple for defeating the SEC.

Alternative cryptos outperformed Bitcoin by a significant margin, and the latter dominance rate plummeted by 2.6% toward 50.14%, the most 24hr dip since 13 June 2022. Furthermore, enthusiasts believe the altcoin market will continue to steady.

#Bitcoin dominance is the reason that we have seen many altcoins break range, whilst BTC continues inside the 3 week range.

Dominance is seeing its first real pullback in some time. Interested to see what happens by the weekly close if we get a retest of the previous resistance. pic.twitter.com/D1abB9Rapn

— Crypto Chiefs (@cryptochiefss) July 14, 2023

Altcoins soar post XRP win

The recent ruling complicated SEC’s plan to monitor the crypto sector, catalyzing debates of an alt season. That created a lucrative environment for alts, with tokens such as Solana, Polygon, Cardano, and XRP recording double-digit surges.

Ripple’s latest win meant victory for the entire cryptocurrency community. As shown here, some trust the ruling will dent SEC’s lawsuits against Coinbase and Binance. The regulator sued the leading exchanges early last month for offering unregulated securities.