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XRP appears to be leading the altcoin rally fetching over 66% in the past day alone. This comes after Ripple Labs managed to score a victory in the SEC case crippling the financial regulator’s plan to regulate the digital asset industry. The market has reacted positively to the District Court for the Southern District of New York’s ruling.<\/p>\n
Interestingly, altcoins that have posted significant gains are mostly the ones deemed as securities by the US financial regulator.<\/p>\n
The altcoin market \u2013 especially the PoS-based coins \u2013 chalked out double-digital gains as prices skyrocketed since XRP’s court ruling.<\/p>\n
Even as Bitcoin quietly broke out of its $31k resistance, its peer PoW-powered coins have underperformed. Despite all the buzz surrounding the upcoming halving event, Litecoin’s network activity has slowed down, and its price followed a similar trajectory. Over the past week, the “silver” digital asset noted a mere 3% increase.<\/p>\n
Bitcoin Cash’s (BCH) performance was underwhelming and slid down to $271 after a 3% decline in the past week. Bitcoin Satoshi’s Vision (BSV) was also down by 8.04% over the same period and was currently trading at $39.20, huddled up in the 58th spot by market cap.<\/p>\n
Another PoW-based crypto eCash (XEC) also remained unfazed by the broader market movement, with its price plummeting by 19.15%.<\/p>\n
The latest chart depicted a fairly contrasting picture to that of last week when proof-of-work coins dominated<\/a> the gains amid escalating tensions with the SEC as well as plunging energy prices.<\/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>\n<\/blockquote>\n Bitcoin’s share of the total crypto market tanked in the wake of the altcoin rally. According to data from CoinMarketCap, the dominance rate fell by nearly 2% from 50.04% pre-ruling to 48.58% at the time of writing. The turnaround is crucial because Bitcoin dominance had reached 50.80% of the total crypto market, marking its highest level since April 2021.<\/p>\n But the market flashed green, signaling the onset of a potential alt season after being stuck in a long crypto winter.<\/p>\n PrimeXBT Special Offer: Use this link<\/a> to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.<\/b><\/p>\n<\/div>\n<\/div>\n <\/p><\/div>\nBitcoin’s Dominance Falters<\/h2>\n
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