Several alternative coins, which were targeted by the US Securities and Exchange Commission in its latest lawsuits, were on the rise today, with massive gains from the likes of XRP, XLM, ADA, and more.
Bitcoin also went on the offensive, even though in a more modest fashion, and tapped a new 13-month peak at $31,800.
A lot can change in the cryptocurrency space within 24 hours. A day ago, the landscape was quiet, with almost all assets trading sideways. However, Judge Torres’ decision to rule in favor of Ripple in its case against the SEC turned the tables.
Somewhat expectedly, XRP is today’s top performer, having surged to a 19-month high at $0.95 at one point. Despite retracing to below $0.8 as of now, XRP is still over 65% up on the day.
Some of the other tokens recently named by the SEC in its lawsuits against Binance and Coinbase have also charted mind-blowing daily gains. These include Solana (35%), Cardano (24%), Polygon (20%), Stellar (53%), and Avalanche (19%).
Ethereum touched $2,000 earlier today, despite its more modest price increase of 7%. BNB has been outpaced by XRP as the fourth-largest cryptocurrency, but it’s still 4.5% up.
In total, the crypto market cap has added $70 billion in a day and sits at $1.260 trillion as of now.
Aside from a few brief pumps toward $31,000, bitcoin had also stalled in the past several days. The asset stood in a tight range between $30,000 and $31,000 and had failed to overcome the latter on numerous occasions.
However, the overall market hype driven by Ripple’s victory over the SEC also propelled BTC higher in the past 24 hours. As a result, the primary cryptocurrency jumped to $31,800 to register its highest price tag in 13 months.
Despite losing several hundred dollars since then, BTC is still about 3% up on the day, and its market capitalization has touched $610 billion.
Its dominance over the soaring alts, though, has been hit hard and is down by 1.5% in a day to 48.5% on CMC.
