BTC,ETH Soar High; Celebrate XRP’s Partial Victory
By Laxmikant Khanvilkar
Virtual digital assets (VDA) were seen scaling higher as they celebrated the Ripple’s partial victory in a law suite filed by the U.S. Securities and Exchange Commission (SEC). On Thursday, the district judge ruled the sale of its XRP tokens on exchanges and through algorithms did not constitute investment contracts. The decision pushed bitcoin and other major digital assets significantly higher. It proved to be a perfect catalyst for virtual currencies, which otherwise should have been provided by inflation data.
Bitcoin (BTC), the largest cryptocurrency by market capitalisation, was recently trading at $31,449.20, up 3.51%. Bitcoin shot as high as $31,700 near the close of traditional markets, a more than one-year high.
Ethereum, the second largest cryptocurrency, surpassed $2,000 mark. It last quoted 7.08% higher at $2,006.28.
XRP rose 96% at one point to change hands at 93.6 cents, its highest level since March 2022. It was recently trading at 74 cents, still up more than 73%. XRP is the native cryptocurrency of XRP Ledger, an open-source, public blockchain that is designed to facilitate faster, cheaper payments. Other tokens or smart contracts such as Solano’s SOL, Cardano’s ADA, Polygon Matic have surged higher in tandem with broader markets.
The global crypto market cap surged 6.36% to $1.26 tn, over the last 24-hours. On the other hand, the total crypto market volume increased 99% to $61.69 bn. The total volume in DeFi is currently $3.44 bn and all stablecoins $54.74 bn, representing 5.57% and 88.73% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 48.58%, a decrease of 1.36% over the day.
IC15 index, the barometer of top fifteen tokens, rallied 2.67% to 41,340.
Meanwhile, the ruling brings out clear demarcation between the institutional and retail selling of tokens, the experts observed adding that this is very good news for crypto exchanges and investors regarding a wide range of tokens identified by the SEC in the Coinbase and Binance lawsuits. The judgement provides clarity on digital token issuance for now, which was under the agency’s scanner.
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