It’s been a bullish week for three of the market’s largest altcoins XRP, Cardano, and Solana.
XRP has enjoyed a hefty rally, hitting nearly 20% in the last seven days. It’s now trading hands at just under $0.69 after falling some early Tuesday morning. That price now puts the token at a three-month high.
This week’s rally is just the latest in a longer stretch of bullish fortune for XRP.
Back in October, U.S. District Court judge Torres blocked the Securities and Exchange Commission’s appeal for a previous ruling earlier that summer. Torres wrote that the SEC failed to show that the summer’s decision was sufficiently faulty or problematic.
Torres was the same judge who oversaw the initial ruling in July too. At that time, she ruled that the sale of XRP tokens was not securities except in the case that institutions were the buyers. This marked a key step in Ripple’s ongoing case with the SEC which kicked off in 2020.
Cardano’s native asset ADA is also riding high amid an ongoing rally. Up nearly 17% in the last seven days, the move comes amid the continued rollout of the Cardano Midnight protocol, a privacy-centric blockchain drawing from many of the same components as Cardano.
Last week, the protocol opened its doors to the first wave of “Midnight Pioneers” or developers that can begin building on the network.
Finally, Solana continues to nab headlines amid its hefty surge and its Breakpoint event in Amsterdam last week. SOL is currently trading at $40.89 at press time and is up a whopping 11.7% over the past week.
Altcoins, Bitcoin and Ethereum
This latest surge comes amid the largely flat crypto market, where most of the top coins are trading sideways or slightly down.
Bitcoin (BTC), the largest cryptocurrency by market cap, is hovering around $34,660, down 1.5% in the same period. Ethereum (ETH), the second-largest coin, is changing hands at $1,872, down 1.3% over the span.
The total crypto market cap is currently around $1.37 trillion, down 0.6% in the last 24 hours, according to CoinGecko.
Bitcoin dominance has once again dropped below 50% after climbing above 51% at the end of October.
This development could hint at investors potentially renewing their interest in altcoins, with recent data by Blockchaincenter showing that 55% of the top 50 cryptocurrencies have outperformed Bitcoin in the past 30 days.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
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Source: https://decrypt.co/204640/xrp-cardano-and-solana-lead-crypto-gains-over-the-week
