Solana and Cardano continued their impressive rallies on Wednesday, buoyed by a recent court ruling that favored the overall cryptocurrency space.
Once again, Ripple’s token, XRP, took the lead in gains this week, surging nearly 12% to reach $0.85 per coin on Wednesday.
Market speculations are rife that Ripple Labs might be nearing a settlement in its long-standing dispute with the US Securities and Exchange Commission over XRP’s regulatory status.
As for Bitcoin, the reigning cryptocurrency, it has maintained its position around $30,000 per coin after successfully breaking through the resistance level on July 13.
Aaron Brown, a respected crypto investor and Bloomberg Opinion writer, pointed out that the current market dynamics reflect a partial reversal of Q2 performance, with Bitcoin experiencing significant growth while altcoins faced some setbacks.
However, there seems to be a shifting opinion that major altcoins will not only endure but also carve out a stable regulatory niche for themselves.
During the second quarter, altcoins were weighed down by the SEC’s growing list of coins categorized as unregistered securities, making these assets more challenging to trade.
In contrast, Bitcoin remained relatively unaffected, recording a 7% increase during the same period, likely due to its recognition as a commodity by American officials.