Altcoins Surge, Puma's Experiential NFT Sneakers
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 -1.33% , have outperformed, with gains ranging from 20% to 30%. In addition, Coinbase’s stock (COIN -3.39% ) 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.
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