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Bitcoin (BTC<\/a>) dominance has taken a tumble in the wake of Ripple’s partial victory against the United States Securities and Exchange Commission, with a surge in altcoin prices briefly causing BTC dominance to fall under the 50% mark. <\/p>\n Bitcoin dominance \u2014 the measure of how much Bitcoin makes up of the total crypto market cap \u2014 fell to 49.76% during Asian trading on July 14, according to Tradingview. <\/p>\n Just weeks earlier, BTC market dominance finally managed to rachet above <\/a>50%<\/a> After a dry spell of two years, amid a slew of applications for spot Bitcoin ETFs from major financial firms. Over the last 24 days, Bitcoin dominance had been hovering around 51% and 52%. <\/p>\n The recent dip in Bitcoin dominance comes as the crypto community is chanting the return of “altcoin season.” <\/p>\n Boosted by Ripple’s court victory<\/a> the XRP coin skyrocketed<\/a> 83% to top out at an intraday high of $0.866, and briefly became the fourth largest<\/a> crypto assets by market capitalization. It is currently sitting at 5th place after a tussle with Binance Coin (BNB).<\/p>\n ALTCOIN SEASON<\/p>\n \u2014 Carl From The Moon (@TheMoonCarl) July 13, 2023<\/a><\/p><\/blockquote>\n The move was also noticed by members of the crypto community who were avidly celebrating the Ripple triumph. <\/p>\n Several of the altcoins also alleged to be securities by the SEC surged double digits on July 14. <\/p>\n XRP declared not a security.<\/p>\n Bitcoin dominance: pic.twitter.com\/veZDJTHQlu<\/a><\/p>\n \u2014 Will Clemente (@WClementIII) July 13, 2023<\/a><\/p><\/blockquote>\n Ethereum (eth<\/a>) gained an impressive 8% to top $2,000 for the first time in three months while Cardano (ADA<\/a>) pumped a massive 25% to reach $0.357 at the time of writing.<\/p>\n Solana (SOL), another token deemed a security by the SEC, was up 34% to reach $29 at the time of writing. Meanwhile, Polygon (MATIC) had pumped 20% to trade at $0.854. <\/p>\n Stellar Lumens (XLM), a payments network launched in 2015 as a fork of the Ripple codebase, cranked over 50% on the news. <\/p>\n Related: <\/em><\/strong>Which altcoins will survive the SEC crackdown? Bitcoin OG explains<\/em><\/strong><\/a><\/p>\n However, it remains to be seen if this altcoin rally is sustainable as the longer-term view still shows that crypto markets are range-bound.<\/p>\n At the time of writing, BTC<\/a> dominance is back to around 50.11% just above its 50-day moving average. The asset only managed a 3.5% daily gain to top out at $31,686 and was outperformed by its altcoin brethren. <\/p>\n\n
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