The crypto market finally got its long-awaited boost yesterday. The catalyst for this move was a victory for Ripple in the infamous lawsuit with the Securities and Exchange Commission (SEC).
We haven’t seen such a green market in a very long time. Several altcoins are up more than 20% and a few even more than 50%. The total market capitalization of crypto is up 5.7% to $1.296 trillion. The market is speculating whether a so-called altcoin season (season), or altseasonhas started.
⚡Market Overview#Bitcoin price trades above $31K
The Top-10 are traded in green zone: $XRP +65.5%, $SOL +29.8%, $ADA +24.7%
Market capitalization: $1.37T (+5.65%)
The BTC dominance: 44.43% (-2.56%)
Fear & Greed Index: 60 (Greed) pic.twitter.com/0kIJbAvKEO— CryptoRank Platform (@CryptoRank_io) July 14, 2023
Bitcoin dominance is declining sharply
Bitcoin (BTC) also broke out, hitting a new 2023 high of $31,850. Still, with a rise of ‘only’ 3% today, bitcoin lags many altcoins. This has to do with the fact that bitcoin has risen a lot more recently and its dominance has continued to increase. However, this dominance is taking a serious hit today, dropping from about 50% to 48.5%.
Maybe something like this for #Bitcoin domination? pic.twitter.com/2aeng4Nxb5
— Caleb Franzen (@CalebFranzen) July 13, 2023
Ethereum price at $2,000
Ethereum (ETH) is also lagging slightly behind many altcoins today. The currency was also not labeled as a security by the US watchdog last month and did not take a hard hit. Still, ETH broke through $2,000 yesterday for the first time since April and is up 7% today.
📈 #Ethereum $ETH Number of Exchange Withdrawals (7d MA) just reached a 1-month high of 3,247,673
View metric:https://t.co/hqrR4jylVe pic.twitter.com/qZ8GCRRpNj
— glassnode alerts (@glassnodealerts) July 14, 2023
XRP steals the show with an almost 70% increase
Ripple (XRP) is of course the big winner of the day. The partial victory in the lawsuit caused huge fear of missing out (FOMO) causing the volume to skyrocket.
Then the XRP price touched almost $0.94 after an increase of about 100% in a few hours. With that, XRP also recaptured the fourth position in the market in terms of market capitalization. With a price of $0.785, XRP is still more than 66% up today. Especially for Premium members of Crypto Insiders, the analysts have shared a new analysis for XRP here.
JUST IN: $XRP just flipped $BNB and is now the 4th largest #cryptocurrency by MC pic.twitter.com/266Yee1MS8
— TheWignus (@TheWignus) July 14, 2023
Cardano price 24% up
It doesn’t stop there! Cardano (ADA) was also designated a security by the SEC in June and therefore also saw a very strong recovery yesterday. The ADA price almost touched a high of $0.38 and is currently hovering around $0.354. This means that ADA is no less than 24% in the plus today.
done. Well-played. #ADA #Cardano pic.twitter.com/mHMUNKNQMn
— Duo Nine ⚡ Crypto Alpha (@DU09BTC) July 13, 2023
Solana already 100% in the last 30 days
Solana (SOL), also named in the same list, performs even better. The SOL price briefly touched $32, but even below $30, SOL is up more than 34% today. SOL has been in an uptrend for a month and is therefore almost 100% up from 30 days ago.
Above 99sma and ripping https://t.co/EWaSVM0ECH pic.twitter.com/0kzrnG1RG7
— Nebraskangooner (@Nebraskangooner) July 14, 2023
Polygon also increases almost 20%
Polygon (MATIC) also performed very strongly yesterday. And yes, MATIC was also named in the same SEC list. MATIC is not yet able to break through $0.87, but the price is still almost 19% up today. The unveiling of Polygon 2.0 may also have contributed to the increase.
1/ Today, the next technical proposal of Polygon 2.0 has been unveiled:
POL, the upgraded token of the Polygon protocol! 💫
POL is the next generation native token, designed to secure, align and grow the Polygon ecosystem.
Watch the video to get an idea how cool it is, then 🧵 pic.twitter.com/Gn7KcHpWEY
— Polygon (Labs) (@0xPolygonLabs) July 13, 2023
XLM hardest climber crypto top 100
In the top 100 we find even more hard risers today. For example, chainlink (LINK), phantom (FTM) and algorand (ALGO) are up about 13%. Optmism (OP), near (NEAR) synthetix (SNX) and woo network (WOO) are up 14%.
Apecoin (APE) is already up 16% and pepe (PEPE) is up 17%. Avalanche (AVAX) is already up 20% and lido (LDO) is up 25%.
Finally, we have Ripple’s major competitor: stellar (XLM). XLM shot to a peak of $0.198 and with a price of $0.418 is still a nice 53% up today.
This move has been insane, but i have shed a lot of profit here. I do feel we will see a big retrace over the next few months, unless some more incredible news comes out
This is peak FOMO, but some coins that are lagging i will now focus on pic.twitter.com/HK6IvsKZz2
— Crypto Tony (@CryptoTony__) July 13, 2023
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