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XRP Win Against SEC Drops Bitcoin (BTC) Market Share - Altcoins on the Rise
Altcoins have gained importance and reduced Bitcoin's market share. The reason for this was the victory of the XRP publisher over the American Securities and Exchange Commission (SEC). Following this ruling, Bitcoin's dominant market share fell to below 50 percent. The so-called Bitcoin dominance, i.e. the share of Bitcoin in the total market capitalization of all cryptocurrencies, was 49.76 percent on July 14, according to data from TradingView. Just a few weeks ago, Bitcoin made it past the 50 percent mark after more than two years. This was mainly due to a number of applications for a Bitcoin index fund (ETF) in the US. In the last 24 days...
XRP Win Against SEC Drops Bitcoin (BTC) Market Share - Altcoins on the Rise
Altcoins have gained importance and reduced Bitcoin's market share. The reason for this was the victory of the XRP publisher over the American Securities and Exchange Commission (SEC). Following this ruling, Bitcoin's dominant market share fell to below 50 percent.
The so-called Bitcoin dominance, i.e. the share of Bitcoin in the total market capitalization of all cryptocurrencies, was 49.76 percent on July 14, according to data from TradingView. Just a few weeks ago, Bitcoin made it past the 50 percent mark after more than two years. This was mainly due to a number of applications for a Bitcoin index fund (ETF) in the US. In the last 24 days, the market share of the largest cryptocurrency has ranged between 51 and 52 percent.
This loss of market share shows that altcoins are gaining importance. Altcoins are alternative cryptocurrencies that are not Bitcoin. These include Ethereum, Ripple and Litecoin, among others. They often offer innovative solutions and have grown in popularity in recent years.
The XRP publisher’s victory against the SEC was a major milestone for the cryptocurrency industry. The SEC had classified XRP as a security and sued Ripple Labs, the company behind XRP, for violations of securities laws. The court ruling now means that XRP is no longer considered a security. This has a positive impact on the price and acceptance of XRP.
It remains to be seen how this development will continue to impact the market. It is possible that Bitcoin will continue to lose market share to altcoins as more investors invest in alternative cryptocurrencies. At the same time, Bitcoin remains the most well-known and widely used cryptocurrency and is expected to continue to play an important role. Cryptocurrency markets are known to be very volatile, so it is difficult to make accurate predictions about the future. It will be exciting to see how the market will develop in the coming weeks and months.
Source: Cointelegraph