Crypto altcoins resume their rise; Bitcoin hovers around $30,000
Smaller, lesser-known digital tokens such as Solana and Cardano resumed the rally that began last week following a court ruling that was seen as favorable for the digital-asset industry.
XRP, which almost doubled last Thursday after a federal judge said that the token wasn’t a security when offered to the public on exchanges, led the gains again. The token rose as much as 12% to 85 cents on Wednesday amid speculation that Ripple Labs could reach a settlement over its long-running dispute about XRP with the US Securities and Exchange Commission.
Bitcoin, which accounts for about half the value of the $1.2 trillion crypto market, was little changed at $29,934 as of 5 p.m. in New York. It has traded on either side of $30,000 since hitting a high for the year of $31,818 on July 13.
“This is a partial reversal of Q2 performance, with Bitcoin soaring and altcoins losing ground,” said Aaron Brown, a crypto investor who writes for Bloomberg Opinion. “It may just be shifting opinion that the major altcoins will survive and create a stable regulatory niche.”
Altcoins were weighed down in the second quarter by the SEC’s growing list of coins viewed as unregistered securities, a designation that can make those assets harder to trade. Bitcoin didn’t face a similar overhang, gaining 7% during the same period, because American officials view it as a commodity.