Bitcoin's dominance in the crypto market has fallen significantly
Bitcoin's dominance in the crypto market has fallen significantly
The dominance of Bitcoin in the cryptocurrency market fell significantly on Thursday. All this happened against the backdrop of the U.S. court's approval of a ruling against the U.S. Securities and Exchange Commission's (SEC) plan to regulate digital assets. With this action, the court gave the crypto market hope for the beginning of the rise of alternative cryptocurrencies, the so-called "alt season".
In addition, the court ruled in SEC vs. Ripple that an XRP coin is not a security when sold to retail clients through centralized exchanges. However, if XRP is sold directly to institutions, it can be considered a security.
This decision seems to put an end to the SEC's intentions to generalize all altcoins and subject them to strict scrutiny, equating them to securities.
According to details from Coindesk, Bitcoin's massive share fell 2.6% to 50.14% on Thursday. That's the biggest drop in 12 months. At the same time, many altcoins, including XRP, SOL, MATIC, and ADA, gained significantly more value.
Many analysts see a lot of potential in the growth of altcoins in the near future.
In its market review, Decentral Park Capital states that the news about Ripple could serve as a catalyst for the start of the alt season. It notes that with the U.S. dollar plummeting and inflation concerns still weighing, investors may start to "play the game ahead."
At the same time, another analyst, Noel Acheson, notes that it is too early to predict the start of the alt season.
