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After Ripple partially declared victory in the lawsuit filed by the U.S. Securities and Exchange Commission (SEC), Bitcoin‘s dominance in the market has dropped. Market experts believe that the rise in Nasdaq and the decrease in Bitcoin’s market dominance indicate the possibility of an altcoin season in this quarter. This viewpoint is also supported by a recent report from the crypto data platform CryptoQuant.
Bitcoin’s Market Dominance Decreases Following the Court’s Decision
In the second quarter of this year, Bitcoin saw a capital inflow from altcoins. However, after the court ruled in favor of Ripple in the lawsuit filed by the SEC, Bitcoin’s market dominance decreased, creating an opportunity for altcoins to gain ground. Analysts suggest that the historical rise of the Nasdaq index, which is historically associated with the rise of the altcoin market, towards its all-time high, signals a potential altcoin season in this quarter.
Bitcoin’s market dominance dropped below 50% after the court ruled that XRP is not a security, leading to an increase in the price of the leading altcoin and significant growth in altcoins such as Ethereum (ETH), Cardano (ADA), Solana (SOL), Polygon (MATIC), and Stellar (XLM). A report published by the crypto data platform CryptoQuant suggests that the decrease in Bitcoin’s market dominance could indicate the beginning of an altcoin season, despite the negative sentiment in derivative markets.
Memecoins Could Explode One by One
The partially positive XRP ruling by the court is also seen as positive for the real community of memecoins, sparking speculation about a new memecoin rally. However, some experts advise caution due to ongoing negative sentiments and risks associated with investing in memecoins.
As the trading volume of altcoins increases, there could be a capital inflow into memecoins despite their high-risk nature. Accordingly, investors may allocate some of their gains from relatively less risky altcoins to memecoins. However, a memecoin rally may follow a delay due to the time it takes for profits to emerge in the cryptocurrency market.
On the other hand, the future of memecoins remains uncertain, and while some are gaining value, many are expected to fail due to the lack of clarity in the sector and regulatory pressures they face.
