Ripple’s victory in the lawsuit against the US Securities and Exchange Commission (SEC) caused the prices of almost all major altcoins to skyrocket. The bitcoin price also benefits from Ripple’s victory, but it is currently mainly altcoins that are going through the proverbial roof.
Due to those increases, bitcoin’s dominance has fallen below 50 percent again, is that enough for the start of a so-called altseason?
Bitcoin is sinking
Bitcoin’s dominance has dropped to 48.6 percent as a result of Ripple’s victory. In itself, that is a logical development, because Ripple’s victory means that many altcoins have less to worry about the SEC. Earlier this year, the prices of Polygon, Solana and Cardano, among others, fell due to the SEC’s attack on Coinbase and Binance.
In the lawsuits that the SEC opened against the two major exchange platforms, it claimed that 60 coins would qualify as securities for US financial law.
If the SEC is right, it would mean that these coins would disappear from Coinbase, Binance and several other exchange platforms.
After all, without the correct licenses it is not allowed to make securities tradable on a stock exchange platform. In that respect, Ripple’s victory is very encouraging for the entire industry, but it poses a threat to bitcoin, because altcoins generally provide a distraction.
ALTSEASON
As a result of the judge’s ruling, XRP is currently up 67.68 percent for the past 24 hours. This brings the project to a price of $ 0.7925, which brings the market cap of XRP to $ 41.6 billion. This means that it has now passed Binance’s BNB, which can write a market cap of $ 40.47 billion.
Cardano, Solana, and Polygon also surged in the past 24 hours thanks to Ripple’s victory over the SEC. Cardano is at a plus of ~25 percent, Solana can even write down 31.66 percent and Polygon is 18.10 percent in the plus.
In that respect, we can say that we are seeing the first signs of an altseason. This is certainly not enough to speak of a new bull market, which is dangerous in the first place as long as the Federal Reserve has not finished raising rates, but at least it is a start.