Bitcoin (BTC) dominance has fallen following Ripple’s partial victory over the US Securities and Exchange Commission, with a surge in altcoin prices briefly causing BTC’s dominance to fall below the 50% mark .
According to Tradingview, bitcoin dominance — the measure of how much bitcoin accounts for in total crypto market cap — fell to 49.76% during Asian trading on July 14.
Just weeks earlier, after a two-year dry spell, BTC market dominance finally managed to climb above 50% amid a spate of spot Bitcoin ETF filings from major financial firms. Over the past 24 days, bitcoin dominance has been around 51% and 52% respectively.
BTC market cap dominance. Source: Tradingview
The recent drop in bitcoin dominance comes as the crypto community is hailing the return of “altcoin season.”
Buoyed by Ripple’s court victory, the XRP token skyrocketed 83% to hit an intraday high of $0.866 and briefly became the fourth-largest crypto asset by market cap. It currently sits at No. 5 after a tussle with Binance Coin (BNB).
ALTCOIN SEASON
— Carl From The Moon (@TheMoonCarl) July 13, 2023
The move was also noticed by members of the crypto community, who eagerly celebrated Ripple’s triumph.
Several of the altcoins that the SEC also claims are securities posted double-digit gains on July 14.
XRP declared no security.
Bitcoin dominance: pic.twitter.com/veZDJTHQlu
— Will Clemente (@WClementeIII) July 13, 2023
Ethereum (ETH) is up an impressive 8% for the first time in three months and surpassed $2,000, while Cardano (ADA) has seen a whopping 25% surge to $0.357 at the time of writing.
Solana (SOL), another token classified by the SEC as a security, is up 34% to $29 at the time of writing. Meanwhile, Polygon (MATIC) is up 20% to trade at $0.854.
Stellar Lumens (XLM), a payments network launched in 2015 as a fork of the Ripple codebase, saw its price surge over 50% on the news.
Related: Which altcoins will survive the SEC crackdown? Bitcoin OG explained
However, it remains to be seen whether this altcoin rally is sustainable as the longer-term view still shows that the crypto markets are range-bound.
At the time of writing, BTC’s dominance is back at around 50.11%, just above its 50-day moving average. The asset managed just a 3.5% daily gain to peak at $31,686, outperformed by its altcoin brethren.
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