Bitcoin (BTC) dominance slipped following Ripple’s partial victory over the SEC, with a surge in altcoin prices briefly causing BTC dominance to drop below the 50% mark.
During Asian trading on July 14, Bitcoin’s dominance (the leading cryptocurrency’s share of the total cryptocurrency market capitalization) fell to 49.76%, according to TradingView.
Just a few weeks ago, bitcoin market dominance finally broke through 50% after a two-year drought amid a flood of applications from major financial firms for spot bitcoin exchange-traded funds. Over the past 24 days, Bitcoin dominance has hovered around 51% and 52%.
The recent decline in Bitcoin’s dominance comes as the cryptocurrency community is clamoring for the return of “altcoin season.”
promoter Ripple’s Court Victory, XRP (XRP) rose 83 percent to hit an intraday high of $0.866 and briefly became the fourth-largest crypto asset by market capitalization. It is currently in fifth place after a tussle with BNB (Binance Bank).
Altcoin Season
— Carl from the Moon (@TheMoonCarl) July 13, 2023
Members of the cryptocurrency community celebrating Ripple’s victory also took note of the move.
On July 14, some altcoins that the SEC also charged as securities saw double-digit price increases.
XRP claims not to be securities.
Bitcoin dominance: pic.twitter.com/veZDJTHQlu
— Will Clemente (@WCclementeIII) July 13, 2023
Ether (ETH) rose 8% to top $2,000 for the first time in three months, while Cardano (ADA) surged 25% to $0.357 at the time of writing.
Solana (SOL), another token deemed a security by the SEC, is up 34% at $29 at the time of writing. Meanwhile, Polygon (MATIC) is up 20% to trade at $0.854.
Shares of Stellar (XLM), a payments network launched in 2015 as a fork of Ripple’s codebase, surged more than 50% on the news.
related: Which altcoins survived the SEC crackdown?Bitcoin OG Explained
However, it remains to be seen whether this altcoin rally is sustainable, with the long-term view still pointing to a range-bound cryptocurrency market.
As of this writing, BTC dominance is back around 50.11%, just above the 50-day moving average. The asset’s daily gain was only 3.5%, reaching as high as $31,686, outperforming other altcoins.
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