In a recent report, smart data portal Kaiko reveals that open interest in altcoins is currently outpacing that of Bitcoin (BTC). The driving force behind this significant shift is the recent ruling in the long-standing SEC lawsuit against Ripple, which has had a resounding impact on market dynamics.
After what seemed like an eternity of anticipation, Ripple finally received a favorable ruling in its legal battle with the SEC. The immediate market reaction was one for the books. Within a mere few days, XRP has witnessed an impressive 69% surge in value. Moreover, prominent exchanges such as Coinbase and Binance US, which had previously delisted the token, promptly relisted it to capitalize on the renewed interest.
Open interest for #altcoins is rising faster than #BTC following the Ripple v. SEC ruling. pic.twitter.com/UTGZuPhdHj
— Kaiko (@KaikoData) July 19, 2023
Thus, it is no surprise that the open interest values for XRP trading have surged by an astounding 100% over the past week, surpassing all expectations. When gauging the change in open interest since last week, XRP has remarkably overtaken Bitcoin by an impressive 50%. Other altcoins are following suit, albeit at slightly lower rates.
In an unexpected turn of events, XRP now accounts for a substantial 21% of the total global cryptocurrency trade volume, thereby outpacing both BTC and ETH. As a natural consequence, other altcoins have experienced an uplift in their trading volumes as well.
Presently, XRP is reaching new heights in trading, achieving levels unseen in the past 15 months. However, despite this overwhelming bullish catalyst, global trading activity has remained relatively subdued, with volumes only peaking at a 10-month high.