Bitcoin’s market dominance, or the flagship cryptocurrency’s share of the total cryptocurrency market cap, collapsed earlier this week after various cryptocurrencies including $XRP, $SOL and $ADA started to surge.
The sudden drop comes on the heels of a US court ruling that said $XRP is “not necessarily a security” in a ruling related to a Securities and Exchange Commission lawsuit. against Ripple, a major player in the XRP ecosystem, for alleged securities law violations.
According to available data, bitcoin’s share of the cryptocurrency market fell from around 51.4% to 50.01% at the time of writing, after various digital assets amid confidence that the ruling ushered in a new “alternative season.” could, increased.
BTC.D chart via TradingView
In the ruling, Judge Analisa Torres said XRP was a security when Ripple sold it to institutional investors years ago, but not when it was sold to the public. The judge’s main argument was that institutional investors who had bought XRP from Ripple in the past likely knew that it had some characteristics of a security, while investors who sourced XRP from crypto exchanges did not have the same information.
This differentiated interpretation thwarted the SEC’s plan to uniformly classify the altcoin as a security and could potentially affect 19 other digital assets that the regulator claimed are securities in its lawsuits against Binance and Coinbase.
Those assets include $XRP, $SOL, $MATIC, and $ADA, all of which posted significant double-digit gains after the ruling was issued, significantly outperforming the flagship cryptocurrency.
Notably, these digital assets were also recently featured in CCData’s ESG Benchmarks report, which noted that environmental, social and governance (ESG) mandates are “increasingly prevalent among institutional investors and funds,” with the number of ESG-related assets under management globally projected to grow to $33.9 trillion by 2026
According to the report, Ethereum was the only digital asset to achieve an AA grade on the ESG benchmark, followed by Solana, Cardano, Binance Coin ($BNB), Aptos ($APT), Polkadot ($DOT) and $DAI , $XRP and Tezos’ $XTZ, all of which have received an A rating.
Uniswap’s UNI, Cosmos ($ATOM), Polygon ($MATIC) and Algorand ($ALGO) were among the digital assets that followed with a BB rating, along with $EOS.
Featured image via Unsplash.
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