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Altcoins Surge, Puma's Experiential NFT Sneakers

Jul 14, 2023
Market Update After Ripple's victory over the SEC yesterday, token prices experienced a rapid increase, with XRP surging by 65% in the past 24 hours, making it the fourth largest token. $BTC is up 1.1% while $ETH gained 2.1%. Tokens alleged to be securities by the SEC, like $MATIC, $ADA, and $SOL, have outperformed, with gains ranging from 20% to 30%. In addition, Coinbase's stock ($COIN) saw a significant jump of 24% yesterday. The overall cryptocurrency market capitalization also rose by 3.1%, with gains primarily accruing to alts, a significant pivot from months of $BTC outperformance. The total market cap of digital assets excluding $ETH and $BTC, jumped 10% from yesterday, rising from ~$330bn before the Ripple news broke to $364m at writing. Bitcoin dominance as a percent of all cryptocurrencies has fallen back to 50% after peaking at 52% last month, indicating investors are venturing out on the risk curve and bidding altcoins.Yesterday, Ripple Labs achieved a partial victory in its legal battle against the US SEC. The SEC accused Ripple's XRP token sales of violating US securities laws by constituting a securities offering. The court ruled that institutional sales of XRP to hedge funds and venture capitalists were illegal. However, sales of XRP directly to retail investors

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