(MENAFN- CoinXposure)
In the aftermath of Ripple's partial victory against the united states securities and exchange commission , Bitcoin's dominance has declined, with altcoin prices briefly pushing BTC dominance below the 50% threshold.
During Asian trading on July 14, according to Tradingview, Bitcoin's share of the total cryptocurrency market capitalization decreased to 49.76%.
After a two-year drought, BTC market dominance surpassed 50% just weeks ago, amid a flurry of applications for spot Bitcoin ETFs from major financial institutions. In the previous twenty-four days, Bitcoin's dominance had fluctuated between 51% and 52%.
BTC market cap dominance. Source: TradingView
The recent decline in Bitcoin's market share coincides with the crypto community's proclamation of the resumption of“altcoin season.”
The XRP token soared 83% to an intraday high of $0.866 and momentarily ranked as the fourth-largest crypto asset by market capitalization, following Ripple's court victory.
After a struggle with binance coin (BNB), it currently occupies the fifth position. The action was also noted by members of the cryptocurrency community, who enthusiastically celebrated Ripple's success.
On July 14, the value of several altcoins also alleged to be securities by the SEC increased by double digits.
At the time of writing, ethereum gained a remarkable 8% to surpass $2,000 for the first time in three months, while Cardano (ADA) pumped a massive 25% to reach $0.357.
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Solana (SOL), another token regarded by the SEC as a security, increased by 34% to reach $29 at the time of writing. Meanwhile, Polygon (MATIC) rose 20% to $0.854 per share.
Stellar Lumens (XLM), a payments network launched in 2015 as a fork of the Ripple codebase, was rated higher than fifty percent in the news.
However, it remains to be seen if this altcoin rally is sustainable, as crypto markets remain range-bound from a longer-term perspective.
BTC dominance has returned to approximately 50.11 percent at the time of writing, just above its 50-day moving average. The asset only managed a 3.5% daily increase to peak at $31,686, underperforming its altcoin peers.
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