In a new report, the smart data portal Kaiko says that interest in altcoins is higher than interest in Bitcoin right now. The recent decision in the SEC lawsuit against Ripple has caused a big change in the market. This is the main reason for the shift.
After waiting for a long time, Ripple finally got a good decision in its court case with the SEC. The market response was really surprising. In just a few days, the value of XRP went up by 69%. Furthermore, well-known trading platforms like Coinbase and Binance US quickly put the token back on their list for trading because they saw the renewed interest in it.
Interest in alternative cryptocurrencies is increasing more quickly than interest in Bitcoin, especially after the legal battle involving Ripple. SEC ruling means a decision made by the Securities and Exchange Commission. The text is difficult to simplify as it is a Twitter link. Can you provide more context or specify what you would like me to simplify.
Kaiko posted on July 19, 2023.
So it’s not surprising that the number of people interested in trading XRP has doubled in the past week, which is much more than expected. XRP has increased its open interest by 50% more than Bitcoin since last week. Other virtual currencies are doing the same thing, although not as fast.
Surprisingly, XRP now makes up 21% of all cryptocurrency trading worldwide, which is more than BTC and ETH. As a result, other cryptocurrencies have also seen an increase in the amount of trading happening.
Right now, XRP is reaching new high points in trading, reaching levels that haven’t been seen in the last 15 months. However, even though there are many positive signs for the market, not many people are actually trading. The amount of trading is only at its highest in 10 months.