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Several alternative coins, which were targeted by the US Securities and Exchange Commission in its latest lawsuits, were rising today in line with huge gains from stocks like XRP, XLM, ADA and others.
Bitcoin also went on the offensive, albeit in a more modest way, and reached a new 13-month high at $31,800.
XRP, SOL, ADA, XLM lead the charge
A lot can change in the cryptocurrency space within 24 hours. The day before, the scenario was calm, with almost all assets trading sideways. However, Judge Torres’ decision to rule in favor of Ripple in the case against the SEC turned the tide.
Somewhat expectedly, XRP is today’s top performer, at one point reaching a 19-month high of $0.95. Despite reaching below $0.8 so far, XRP is still up more than 65% on the day.
Some of the other coins recently named by the SEC in lawsuits against Binance and Coinbase have also posted surprising daily gains. These include Solana (35%), Cardano (24%), Polygon (20%), Stellar (53%), and Avalanche (19%).
Ethereum touched the $2,000 mark today despite a modest price increase of 7%. BNB has been overtaken by XRP as the fourth largest cryptocurrency, but it is still up 4.5%.
Overall, the crypto market cap has increased by $70 billion in a day and stands at $1.260 trillion so far.
BTC reaches 13 month high
Apart from some brief surge towards $31,000, bitcoin has also been stagnant for the past several days. The asset was range-bound between $30,000 and $31,000 and failed to overcome it on several occasions.
However, overall market hype driven by Ripple’s victory over the SEC has also pushed BTC higher over the past 24 hours. As a result, the primary cryptocurrency reached $31,800, registering its highest value in 13 months.
Despite losing several hundred thousand dollars since then, BTC is still up about 3% today, and its market capitalization has reached $610 billion.
However, its dominance over rising stocks has been badly affected and the CMC has fallen 1.5% in a day to 48.5%.
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cryptocurrency chart by Tradingview.
