What’s Happening in Crypto Today: BTC, XRP and Altcoins Analysis

What’s Happening in Crypto Today: BTC, XRP and Altcoins Analysis

Key Insights:

  • Ripple's partial victory sparked profits for the crypto market.
  • The total crypto market cap has surged as a result but saw some resistance.
  • XRP is the top gainer of the day, while eCash is the top loser

Ripple's partial — yet significant — win against the U.S. Securities and Exchange Commission (SEC) was the talk of the town this entire week.

The victory impacted the crypto community much more than the 62% in XPR price, or the rise in the global crypto market cap.

In this article, we shall be considering what impact Ripple has had so far and what's next moving forward.

Crypto Market Touched Yearly High

Ripple's partial victory has rubbed off on other altcoins positively, with even Bitcoin getting in on the act.

Bitcoin (BTC) price marked its new one-year high of more than $31,736. BTC had been hovering around the $30,000 to $31,000 range for almost a month now, with no clear end goal — until the Ripple win.

Bitcoin price action after the SEC ruling
Bitcoin price action after the SEC ruling

With a market dominance of 49% and a 90.5% surge on a year-to-date (YTD) basis, BTC remains a long-term store of value and investment.

Ethereum also marked its new one-year high of over $2,028. Its price is $1,995 as of the time of this writing.

Ripple's win gave these coins the much-needed boost to surpass these prices they probably wouldn't have by now. 

It also encouraged positive market sentiment and improved confidence in the market. Now, investors are more likely to want to invest in the market.

Other coins were included in the spectacle.

Solana (SOL) experienced a significant 43.2% surge over the week, now trading at $28. Polygon (MATIC) likewise had a respectable 18% gain, currently trading at $0.85. 

Cardano (ADA), Stellar Lumens (XLM), Filecoin (FIL), and Cosmos Hub (ATOM) have all recorded daily gains of 26%, 51%, 10%, and 12% respectively. 

The gains these coins experienced have led to an overall surge in the total market cap of crypto.

XRP Raises Crypto Market Cap

The global crypto market cap increased by 3%, with a corresponding 130% surge in daily trading volume. Its numbers now stand at an impressive $1.25T and $73.67B, respectively. 

Crypto total market cap
Crypto total market cap

Amidst the general price surge, some coins have gained a lot, while others have lost. 

About 30 coins make up the list of the top gainers, but the number one spot goes to XRP. With a price of $0.778, XRP has increased by 64.13% within the past 24h.

Nearly 10 coins are included on the list of top losers. With $0.00003126, eCash is the top loser, dropping by 5.02% within the past 24h.

Overall, the judge's ruling on Ripple signaled a move in the right trajectory for crypto. However, the institutional sale of XRP tokens violated securities laws.

Ripple's Twitter
Ripple's Twitter

It is unclear what long-term effect the Ripple situation would have on subsequent events about the SEC. Whatever happens, though, everyone will always point to this Ripple ruling as a catalyst. 

Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information but will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

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