XRP, DOGE, ADA Soar: Altcoin Season Without Bitcoin?
Major altcoins like XRP, Dogecoin and Cardano are seeing rapid gains. Market experts usually associate Bitcoins rally as the onset of altcoins season. However, CryptoQuant CEO Ki Young Ju challenged this notion and highlights a significant shift in the dynamics of the altcoin market.
Unlike the traditional narrative of an altcoin season, the surge in XRP, DOGE or ADAs trading volumes is not primarily driven by trading pairs involving Bitcoin. Instead, the growth is fueled by stablecoin and fiat currency pairs. This shift indicates a fundamental change in the market structure, suggesting that real market growth and increasing adoption are the primary drivers of altcoin price appreciation.
Ju emphasizes the role of stablecoin liquidity in explaining the behavior of the altcoin market. As the liquidity of stablecoins continues to expand, it provides ample fuel for altcoin trading activity. This increased liquidity enables investors to directly purchase altcoins using stablecoins, bypassing the need for Bitcoin as an intermediary.
This shift in market dynamics has implications for investors and traders alike. While Bitcoin remains a significant asset and a store of value, its role as a catalyst for altcoin season may be diminishing. Instead, investors should focus on the underlying fundamentals of individual altcoins, including their technology, team, and community, to identify potential opportunities.
XRP Back To Top-3
Altcoins specially XRP continued its giant strides, hitting a new year-to-date peak of $1.84. According to data sourced from Coinmarketcap, its price has surged 232% in the last 30 days, maintaining its position as one of the best-performing altcoins. The Ripple-affiliated token recently surpasseed $USDT to become the 3rd largest cryptocurrency by market cap.
Known for being associated with Ripple, XRP once held the third-largest cryptocurrency spot by market cap before the SECs lawsuit. After Dec 2020, XRP s price hit rock bottom from around $0.50 to $0.17 ,wiping out over $15 billion in market value. Although the price eventually recovered, XRP spent the following four years languishing at the seventh spot.
Now, a remarkable turnaround has propelled XRP back to the third-largest cryptocurrency position, surging nearly 300% this month and reaching a price of $2.
Read more: https://www.tronweekly.com/xrp-soar-altcoin-without-bitcoin/
Text source: TronWeekly
