XRP, DOGE Among Top Altcoins In Market Depth Spike After Ripple Ruling
After the Ripple Vs. SEC ruling came out, the cryptocurrency market has been climbing charts. However, even with the judgment, the cryptocurrency market has only seen a slight increase in market depth following the Altcoin rally when expressed in USD terms, financial service firm Kaiko stated.
Note that the total number of buy and sell orders across all order books on covered exchanges that are within 1% of the mid-price, is calculated as market depth. This is a crucial indicator of liquidity and stability.
XRP And DOGE, Top Traded Cryptos In 2023
Since the start of 2023, XRP has been on traders’ radar screens. Traders were observed building up the asset during the first half of the year in expectation of a favorable decision. Following the decision, XRP’s volume exploded and reached new highs. It is now the most actively traded Altcoin of 2023, with a 24-hour trading volume of $1.93 billion. The following were Solana, Dogecoin, BNB, and MATIC. They resolved deals of $50 to $100 billion, Kaiko reported.
As investors put a damper on Thursday’s euphoria and considered what might happen to cryptocurrency in the future, the majority of major crypto assets are trading in red today. Even while the verdict was in favor of Ripple and the cryptocurrency sector overall, it wasn’t a definite victory. XRP fell by almost 10% in a week, while Matic and ADA both declined by roughly 5% and 2%, respectively.
The poor response in market depth, according to market observers, may be a sign of ongoing investor reluctance. Some claim that the altcoin rally’s effects may be being muted by regulatory uncertainty and worries about potential future changes to the crypto ecosystem.
Also Read: Regulator To Investigate ChatGPT Founder Sam Altman’s Worldcoin (WLD) Crypto Project
Altcoins Performed Better Than Bitcoin
Altcoins have been able to outperform Bitcoin in terms of price. XRP had risen by 40% from last month. However, Solana increased by more than 35% within the same period. The value of most of the assets increased due to the Ripple-SEC decision. However, Dogecoin started to rise more recently as a result of the Musk-X announcement.
On the other hand, Bitcoin’s performance hasn’t exactly been stellar. The biggest cryptocurrency asset had only increased by 17% since June. Now, except for Dogecoin, all other assets have seen losses over the past several days and were trading in the red as of the time of publication.
Also Read: Crypto Market Selloff: Bitcoin, ETH, XRP Price Falling Sharply; What Happened?
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