By Bitcoin.com - 9 months ago - Reading Time: 2 minutes
XRP’s Rise Causes Ripple of Gains in Crypto Economy
Since July 12, 2023, the cryptocurrency market has expanded by a staggering $60 billion within a mere 48 hours. The majority of this growth transpired after the decisive Ripple Labs case verdict, resulting in bitcoin’s dominance dipping from 50% to its present level of 48.6%.
Ripple Labs Case Verdict Triggers $60 Billion Crypto Market Expansion
The partial summary judgment within the Ripple lawsuit propelled the digital asset XRP to a 60%+ increase within a single day. Consequently, XRP’s substantial gains triggered a surge in numerous altcoins’ values. For example, Stellar (XLM) saw an increase of over 40%, while ADA leaped more than 20% in the past day. Archived data retrieved from coinmarketcap.com (CMC) on July 12, 2023, exhibited Bitcoin’s dominance at 50% in relation to the $1.19 trillion crypto economy.
Currently, BTC dominance has diminished to 48.6% due to significant returns in the altcoin arena overshadowing its market presence. Just two days ago, XRP ranked as the sixth largest market capitalization among multiple crypto assets; however, it now boasts the fourth-largest position. While XRP experienced a 70% increase within 24 hours, its impressive ascent propelled its monthly gains above 50%.
In addition to XRP, other notable crypto gainers over the past day include XLM, SNX, LDO, SOL, ADA, INJ, NEAR, AVAX, PEPE, APE, and OP. Archived data from CMC on July 12 further reveals that during the previous two-day period, the cryptocurrency market swelled by $60 billion.
Furthermore, global trade volume skyrocketed from $29.32 billion to today’s staggering $73.46 billion — proving that in just one day, worldwide trade volume in cryptocurrencies soared by an incredible 160%. The top three digital assets concerning global trade volume consist of USDT, BTC, and XRP.
What are your predictions for the future of XRP and its impact on the broader cryptocurrency market? Share your thoughts and opinions about this subject in the comments section below.
Original source: Bitcoin.com