Crypto Currency News

XRP price surpasses $ 1 for the first time since 2018 in new altcoin push

In the last week XRP rallied 73% and Binance Coin (BNB) 39.6%

With a boost of 73% in the last week, XRP surpassed the price of $ 1 on Tuesday, for the first time since 2018. The rally comes amid a resurgence of altcoins and a reduction in bitcoin dominance of 15% since the beginning of January.

Binance Coin (BNB) also posted a 39.6% rally for the week, followed by polkadot (DOT), litecoin (LTC) and chainlink (LINK), which show weekly returns above 20%.

Despite the negative impact of the lawsuit of the United States Securities and Exchange Commission (SEC) against Ripple, when describing the sale of XRP as illegal, the company’s CEO, Brad Garlinghouse, declared on April 1 that the The company maintains positive expectations about the course of the legal process, in an interview reviewed by this medium.

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The SEC’s hearing with Ripple, scheduled for April 6, could have an influence on this noticeable appreciation of XRP. Attorney Jeremy Hogan highlights on Twitter that the hearing could be very relevant to the case.

On the other hand, while XRP moved from seventh place in the Coin Market Cap ranking to fourth position in the last week, Binance Coin (BNB) is in the third seat behind Ethereum, with a rally of almost 40% in 7 days.

BNB surpassed the capitalization of USD 50 billion on April 1 and is currently approaching a capitalization of USD 60,000. Its price at the time of writing is USD 386.88.

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In figures from Coin Gecko, the total market capitalization of crypto currencies surpassed $ 2 trillion for the first time on Monday and reached the all-time high of $ 2.039 trillion. Posting a slight pullback, the current market capitalization of crypto currencies is $ 1.983 trillion, while the market capitalization of bitcoin is $ 1.078 trillion. Its dominance, consequently, is reduced to 54.4%.

The appreciation of altcoins continues to strengthen relative to that of bitcoin. As reported through the index that compares the performance of altcoins against the appreciation of bitcoin in the last 90 days, we are entering an  altcoin season. Such a condition is established if 75% or more of the first 50 crypto currencies have a greater appreciation than that of bitcoin and currently, 92% of this group offers higher returns.

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