Bitcoin Takes a Backseat, Ethereum and XRP Dominate Crypto Market: Report
July has been a rollercoaster month for the crypto market with Ethereum and Bitcoin witnessing a drop in their market prices, whereas Ripple’s XRP surged, following a victorious outcome in the SEC lawsuit. Despite Bitcoin’s price declining by 5.5% and Ethereum’s by 4.7%, Ethereum has shown resilience, gaining 4.9% against Bitcoin over the past month, according to the Santiment report.
XRP Comes Out As Winner
Ethereum’s utility numbers by the end of July were reminiscent of those in May when its price dominance against Bitcoin was more significant. This could be an indicator of Ethereum’s robust network utility playing a part in its market resilience.
Santiment report also revealed that in contrast, Ripple’s XRP emerged as one of the biggest winners of the month, posting a 42% return. The positive performance was largely attributed to the landmark ruling in the SEC lawsuit, which established that XRP is not a security. This unexpected verdict sparked significant buying activity, elevating XRP even as other crypto assets witnessed declining market caps. Other digital assets that saw gains in July included Stellar, Maker, and XinFin.
On the negative side, Santiment’s statistics showed a worrisomely low amount of whale transactions, implying that important stakeholders are not interested in purchasing the dip. The market capitalization of Bitcoin has been steadily falling and is currently hovering around the $29k price point. Even though the price of Bitcoin has dropped below $30k, large investors have exhibited reluctance, possibly indicating doubt about the near-term prospects of the market.
Also Read: Top DeFi Tokens Crash Following Curve Event, Will the Domino Spread Further?
How Is The Market Doing?
The general mood of the cryptocurrency market has changed from “greed” to “neutral”. The most popular cryptocurrency in the world, Bitcoin, is currently trading at a much more constrained level of $29,500 after reaching $31,000 on July 4, 2023. The U.S. Federal Reserve increased its benchmark lending rate by 25 basis points to a range between 5.25% and 5.50%, as the market had anticipated, which helped to support Bitcoin a little bit.
Also Read: Will XRP Price Gains Come Undone As Federal Court Rejects Ripple Ruling?
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