Today’s Plummet: The Downward Spiral of Bitcoin, Ethereum, and Dogecoin
Major cryptocurrencies experienced a decline on Sunday evening following a rally in crypto prices triggered by a favorable ruling in the Ripple-SEC case. Last week, Ripple Labs’ XRP token surged 73% after courts declared that the sale of XRP does not constitute investment contracts. This ruling had a significant impact on the crypto market, but over the weekend, major cryptocurrencies saw a decline in their prices.
At the time of writing, the global crypto market capitalization stood at $1.21 trillion, a decrease of 0.14% over the last day. U.S. stock futures also showed a slight dip, signaling a busy week for corporate earnings. However, some analysts remain optimistic about the future of cryptocurrencies. Crypto trader Michael Van de Poppe believes that decentralized finance (DeFi) projects will continue to grow and may be the next category to do well.
Despite the dip in altcoins, Bitcoin managed to maintain its value above $30,000. On-chain analytics firm Santiment revealed a positive trend in the rising number of large stablecoin wallets. One such stablecoin, USDP, witnessed a significant increase in holdings throughout July.
Overall, while there was a decline in crypto prices on Sunday evening, there are still positive indicators for the market. The XRP ruling has provided relief for the token, and some analysts believe it has the potential to become one of the top three cryptocurrencies again within the next 6-12 months. Additionally, the stability of Bitcoin and the growing number of large stablecoin wallets suggest that there is still interest and investment in the crypto market.
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