Blockchain startup Ripple’s (XRP) token has become the top-selling altcoin in 2023 with a trading volume of over $150 billion, analysts at Kaiko said.
XRP trading volumes are vastly superior to those of other competing altcoins. This increased volume can be attributed to the renewed interest of investors in XRP after Ripple’s partial victory over the US Securities and Exchange Commission (SEC).
However, while this has had a positive effect on XRP price performance, boosting its value to an annual high above $0.8, the asset has begun to lose value, shedding more than 7% over the past week.
XRP’s closest competitor is Solana (SOL) with a trading volume of around $100 billion. Dogecoin (DOGE), Binance Coin (BNB) and Polygon (MATIC) round out the top 5 with a trading volume of over $50 billion. However, it is still up 43% over the past 30 days.
The share of bitcoin is declining
Bitcoin (BTC) dominance share has fallen by 8% since the beginning of July following the Ripple case ruling that instantly sent the altcoin markets up. BTC dominance on the top 25 centralized exchanges (CEX) is at its lowest level since April at 27%.
Offshore exchanges have seen a sharper drop in BTC trading activity, partly due to a surge in South Korean altcoin volume. Since the beginning of 2023, BTC dominance has also declined by 20%. On U.S. exchanges, altcoins have gained momentum over the past month, which suggests that regulatory measures have not yet reduced demand.
What’s going on with stablecoins
The market capitalization of the stablecoin Tether (USDT) continued to rise in the second quarter, for the second quarter in a row, hitting a record high of over $83 billion in early June. However, this increase was not enough to offset the decline in the overall stablecoin market capitalization, which fell for the fifth straight quarter in the second quarter, led by Binance USD (BUSD) and USD Coin (USDC).
Overall, stablecoin trading activity on crypto exchanges has remained low over the past few months, with all five of the leading stablecoins, with the exception of True USD (TUSD), registering a decrease in trading volumes in the second quarter compared to the previous one.
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