- Bitcoin (BTC) price reaches a new yearly high following the court’s ruling in Ripple vs SEC.
- The global crypto market shows a 5% spike in market cap and a 130% surge in daily trading volume.
Bitcoin (BTC), the largest cryptocurrency, marked its new one-year high of over $31,736 following the near conclusion of the legal battle between the U.S. SEC and Ripple. The court’s verdict favoring XRP sent ripples of optimism through the crypto market, resulting in a significant rally for XRP, Bitcoin, and other altcoins.
Ripple’s Victory Over SEC Propels Bitcoin (BTC)
For the past three weeks, Bitcoin has been fluctuating within the $30,000 to $31,000 range. However, the outcome of the lawsuit provided much-needed impetus for the global crypto market. Additionally, the current Ripple victory has instilled renewed confidence in the cryptocurrency market, attracting investors and fostering positive sentiment.
Currently, Bitcoin upholds the largest market cap of $609 billion and a market dominance of 49%. At the time of writing, as per CoinMarketCap data, the price of Bitcoin (BTC) stands at $31,474.
Looking at the past 30 days, Bitcoin price witnessed a gain of 21%. On a year-to-date (YTD) basis, BTC experienced a 90.5% surge, reflecting its long-term potential as a store of value.
Moreover, these positive changes in Bitcoin’s price signify the overall optimism surrounding the cryptocurrency, despite the inherent volatility of the crypto market. Also, Bitcoin’s ongoing upward trend suggests that it remains a favored choice for investors.
On the other hand, Ethereum (ETH) also marked its new one-year high of over $2,028. At the time of writing the daily trading volume of ETH surged by 111.8% and the Ether price was $1,998.
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