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XRP appears to be leading the altcoin rally, gaining over 66% over the past day alone. This comes after Ripple Labs managed to secure a victory in the SEC case, thereby thwarting the financial regulator’s plan to regulate the digital asset industry. The market has reacted positively to the decision of the District Court for the Southern District of New York.
Interestingly, most of the altcoins that have made significant gains have been deemed securities by the US financial regulator.
- Binance Coin (BNB) 7-day gain: 8.98%
- Cardano (ADA) 7-day gain: 23.54%
- Solana 7 Day Gain: 39.52%
- Polygon 7-Day Gain: 25.97%
- COTI 7 Day Gain: 12.79%
- Sandbox (MANA) 7-day gain: 13.06%
The altcoin market – especially PoS-based coins – reaped double digital gains as prices skyrocketed following XRP’s court ruling.
Tremendous performance of PoW-based coins
Even as bitcoin quietly climbed above the $31,000 resistance level, its PoW-powered counterpart coins have underperformed. Despite all the buzz around the upcoming halving event, Litecoin’s network activity has slowed down, and its price is following a similar trajectory. During the past week, the “silver” digital asset registered an increase of only 3%.
Bitcoin Cash (BCH) had a disappointing performance and fell to $271 after a 3% drop last week. Bitcoin Satoshi’s Vision (BSV) was also down 8.04% in the same period and is currently trading at $39.20, ranked 58th by market cap.
Another PoW-based crypto eCash (XEC) was also unaffected by the broader market movement, with its price declining by 19.15%.
The latest charts show a stark contrast to last week when proof-of-work coins dominated gains amid rising tensions with the SEC as well as falling energy prices.
Bitcoin dominance falters
XRP has not been declared a security.
Dominance of bitcoin: pic.twitter.com/veZDJTHQlu
— Will Clemente (@WClementIII) 13 July 2023
Bitcoin’s share of the total crypto market declined in the wake of the altcoin rally. According to data from CoinMarketCap, the dominance rate has dropped by almost 2% from 50.04% pre-ruling to 48.58% at the time of writing. The change is significant as bitcoin’s dominance had reached 50.80% of the total crypto market, its highest level since April 2021.
But the market flashed green, indicating the start of a possible alt season after being stuck in a long crypto winter.
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