Bitcoin Dominance Slips as Altcoins Benefit from Ripple Court Victory
Bitcoin dominance decreased in July without any significant catalyst, while altcoins saw gains following a partial court victory by Ripple. CoinDesk’s Head of Research, Todd Groth, explains the reasons behind this shift in dominance.
Main Breakdowns:
– Bitcoin dominance declined in July after rising in June.
– The absence of significant catalysts contributed to this trend reversal.
– Ripple’s court victory boosted altcoin investors, allowing them to catch up with bitcoin’s performance.
– Exchanges like Coinbase and Kraken relisted or announced plans to reopen trading of Ripple’s XRP token.
– Bitcoin experienced a 5% decline in July, its second monthly decline this year.
Hot Take:
Altcoins are gaining momentum as bitcoin’s dominance wanes. Ripple’s court victory has provided a boost to the altcoin market, allowing them to catch up with bitcoin’s performance. This shift indicates a potential diversification of investment within the cryptocurrency market. It will be interesting to see how this trend evolves in the coming months.
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