Blockchain analytics company Kaiko report Ripple’s XRP is the most traded altcoin this year, with over $150 billion in trading volume.
XRP’s trading volume is well below that of other altcoin rivals, with the closest being Solana’s SOL, which hits around $100 billion. Others in the top five include Dogecoin (DOGE), Binance Coin (BNB) and Polygon’s MATIC, each trading over $50 billion.
This volume increase is likely due to renewed investor interest in cryptocurrencies following Ripple’s partial victory over the U.S. Securities and Exchange Commission (SEC).
Crypto market maker Efficient Frontier, citing data from the opening, said: I got it Significant improvements in XRP liquidity and trading Following the victory of cryptocurrency payment firms, Americans are now able to trade digital assets on major exchanges such as Coinbase.
Bitcoin volume declines
Meanwhile, Kaiko data shows that bitcoin trading volume has fallen 8% since early July following the Ripple ruling. Kaiko added that BTC’s current trading volume dominance is 27%, the lowest since April.
Open height I have written:
“On offshore exchanges, BTC trading activity has fallen even more dramatically, partly due to a surge in South Korean altcoin trading volume.
On July 17th, the blockchain analytics firm It pointed out XRP trading outperforms BTC across 25 tracked centralized exchanges as investors prefer altcoins over flagship digital assets;
XRP price performance
While the court’s ruling had a positive impact on XRP’s price performance, pushing its value to a year-to-date high above $0.80, the digital asset began to lose some of its gains, dropping more than 7% over the past week. of crypto slate data.
But the stock was at $0.47 before the ruling, so it’s still up 43% over the past 30 days.
Meanwhile, speculation is growing that the Fed could raise rates by another 25 basis points, and the fall in XRP value may be related to the overall market slump.
Post-XRP named Top Trading Altcoin of the Year: Kaiko debuts on CryptoSlate.