“Altcoin season has arrived”… Ripple breaks through $2 for the first time in 6 years

XRP surged 66% in a week, breaking the $2 mark for the first time in 6 years. While BTC is hesitating just before reaching $100,000, major altcoins including XRP are showing strength, leading to the analysis that the 'altcoin season' has arrived.

As of 2:13 pm on the 2nd, based on CoinMarketCap, XRP recorded $2.43, up 39.30% from the previous day. It has surged 66.53% over the past week. It is the first time XRP has exceeded $2 since 2018, 6 years ago. Driven by the price increase, XRP's market capitalization has surpassed the stablecoin USDT and ranked 3rd overall.



XRP is showing strength driven by the expectation of regulatory easing by the US financial authorities. With the change of the SEC chairman, who is in legal dispute with XRP, the possibility of launching XRP-related products is increasing. According to foreign media, Ripple's own stablecoin RLUSD is awaiting regulatory approval for its launch on the 4th. The launch of a Ripple spot ETF in the US is also attracting attention. Currently, three US asset management firms, Bitwise, Canaria, and 21Shares, have submitted Ripple spot ETF applications to the SEC, and additional applications are expected.

The market also analyzes that the 'altcoin season' has arrived, led by XRP. According to CoinMarketCap, BTC's market share, which was close to 60% last month, has fallen to 55% this month. On the other hand, the share of altcoins excluding Ethereum (ETH) has recovered to the 30% range in 3 months. Trader Mickey Bul Crypto evaluated that "BTC's market share has fallen below the support line it has maintained for about 2 years," and "we have officially entered the altcoin season." Kim Min-seung, head of the Cobit Research Center, also analyzed that "as BTC is adjusting, altcoins led by Ethereum (ETH) are rising one after another, similar to the 'altcoin bull market' seen in the previous upward cycle."

Reporter Kim Jung-woo

woo@decenter.kr