XRP Surges to Frontline in Altcoin Showdown, Leaving Bitcoin Behind

In a recent report, smart data portal Kaiko reveals that open interest in altcoins is currently outpacing that of Bitcoin (BTC). The driving force behind this significant shift is the recent ruling in the long-standing SEC lawsuit against Ripple, which has had a resounding impact on market dynamics.

Timeline of Bitcoin, Xrp

Open interest in XRP-tracked futures has experienced a significant increase, surpassing $1.1 billion within the last 24 hours. This marks a new record high for the year, surpassing the $1 billion level reached last week.

Bitcoin slipped below the $30,000 mark on Wednesday, as markets continued to react to the latest U.S. retail sales report. Sales rose by 0.2% last month, which is more than the 0.5% sum many had forecasted. Ethereum has remained resilient, climbing back above $1,900.

Bitcoin has showcased a strong performance in the second quarter of 2023, gaining market dominance against struggling altcoins, according to CoinGecko's industry report. Despite market fluctuations, Bitcoin (BTC) and Ether (ETH) continued to build upon their gains from Q1, while other major altcoins, such as Binance Coin (BNB), XRP, and Cardano (ADA), experienced double-digit losses.

Back in April 2013, Bitcoin (CRYPTO: BTC) experienced the downside of its own success as investors flocked to this exciting new opportunity that was making waves in mainstream media. What Happened: The trading activity became so intense that Mt.

The latest price moves in bitcoin (BTC) and crypto markets in context for July 19, 2023. First Mover is CoinDesk's daily newsletter that contextualizes the latest actions in the crypto markets.

Open interest on XRP-tracked futures has reportedly been climbing above $1.13 billion in the past 24 hours. According to an article by CoinDesk published earlier today, this figure surpasses the $1 billion level reached last week, setting a new record high for the year.

Crypto analyst and trader Ali Martinez has published a tweet saying that he spotted a buy signal on a Bitcoin chart. He has explained what the flagship cryptocurrency needs to do now in terms of technical analysis in order to regain its position above the $30,000-$31,000 levels.

After the favorable outcome of the protracted and widely publicized legal standoff between the United States Securities and Exchange Commission (SEC) and blockchain company Ripple, US District Judge Analisa Torres has referred the case to Magistrate Judge Sarah Netburn.

Spencer Schiff, who has often pushed Bitcoin as the strongest crypto, is turning bearish on the king coin. The son of prominent economist Peter Schiff has made a surprising turn after being an outspoken critic of his father's skepticism of Bitcoin.

As the highly anticipated Bitcoin block reward halving approaches, set to occur around April 24, 2024, the crypto community is abuzz with speculation about the potential impact on the cryptocurrency's price.