XRP Soars 10%, Lifting Altcoins as Bitcoin Dominance Teeters at 1-Month Low
Bitcoin’s stall despite a recent wave of positive crypto news is a cause for concern, one observer said.
Ripple’s extended its winning streak Wednesday as smaller tokens outperformed bitcoin ().
The native token of the Ripple payment system recently soared some 10% in the past 24 hours, gaining the most among the by market capitalization.
In an email to CoinDesk, Markus Levin, co-founder of XYO Network, wrote that XRP continued to benefit from its in an ongoing Federal court feud with the Securities and Exchange Commission ().
The decision has such as Coinbase, Kraken and Bitstamp to relist XRP, leading to a jump in investments, and for futures contracts.
"In short, we’re seeing a return of investors that had previously been spooked by recent regulatory measures," Levin said.
XRP was changing hands at around $0.84, not far off its recent high of $0.93 recorded shortly after last Thursday’s court decision.
Smaller cryptocurrencies also gained during the day. , the Ripple-adjacent Stellar network’s token, surged 24%. Cardano’s and Solana’s were up roughly 6%, while popular memecoin dogecoin () rose 4% after Twitter owner and Tesla CEO Elon Musk posted a .
Read More:
BTC, meanwhile, traded mostly flat around $30,000. Ether (), the second largest digital asset by market value, also remained muted during the day at $1,900. The , a measure of crypto markets performance, was recently up 0.7%.
“The general macro setup is looking more favorable for risk assets as a whole," Levin said, adding that "the market expects there to be one more rate hike – and then no more – given that inflation is clearly falling."
Crypto investors have visibly shifted their focus to smaller, riskier tokens, given the strong performance of so-called altcoins as BTC stalled.
Notably, the , which measures bitcoin's share of the total market capitalization of crypto assets, pulled back to 49.8% from a 52% high in late June, according to . This is close to its lowest level in a month.
“Despite a swath of positive news stories over the last month for the crypto industry – from the , the XRP legal victory through to presidential candidate Kennedy stating he would today – nothing has helped bitcoin sustain momentum above $31K,” Charles Edwards, founder of bitcoin-focused hedge fund Capriole Investments, noted in a .
“When good news like this, probably the best news for our industry in years, can’t transform into sustained inflows and price progression, there is cause for concern,” Edwards said.
Edited by James Rubin.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
VIPBitget VIP Weekly Research Insights
The Base chain has recently seen several major strategic developments: Coinbase has integrated DEX routing for Base on its main app, bridging the gap between CeFi and DeFi liquidity; Shopify has partnered with Base to expand real-world applications and user access points. At the same time, Circle and Coinbase stocks have surged by over 700% and 50% respectively, creating a wealth effect that may spill over into the Base ecosystem—boosting both its TVL and token prices. Recommended projects include: 1) AERO (Aerodrome)—The leading DEX on Base, showing strength despite market downturns; well-positioned to benefit from Coinbase integration. 2) BRETT—A flagship memecoin on Base with over 840,000 holders; likely to lead the next Base memecoin rally. 3) New tokens on Bitget Onchain—Offer early access to emerging Base memecoins while helping users avoid high-risk tokens.
VIPBitget VIP Weekly Research Insights
Recent bullish news surrounding a potential Solana ETF has reignited market optimism. The SEC has asked issuers to update their S-1 filings, signaling that ETF approval could be near. This development has boosted confidence in the Solana ecosystem. As a high-performance Layer-1 blockchain, Solana (SOL) offers fast transactions and low fees, making it a hub for DeFi and NFT activity, while also drawing increasing institutional interest. Jito (JTO), the leading liquid staking protocol on Solana, saw its token surge 17% after JitoSOL was included in a Solana ETF prospectus. Its MEV optimization further enhances network value. Jupiter (JUP), Solana's top DEX aggregator with a 95% market share, recently launched a lending protocol, highlighting strong growth potential. These tokens offer investors early exposure ahead of a possible ETF approval and a chance to benefit from Solana's expanding ecosystem.
Can Solana Ride the Nasdaq Hype to Close Q2 Above $160?
Solana's price rise is fueled by renewed institutional interest and growing trader participation, positioning SOL for a potential breakout above $160.
Bitcoin: Scarcity Deepens With Every Block Mined
Crypto prices
More
