The SEC vs Ripple lawsuit ruling has fueled the long-awaited altcoin season and brought much-needed clarity not just to XRP, but to the entire cryptocurrency industry. Experts foresee an optimistic outlook for the coming months, although a correction may be on the horizon.
Altcoins have witnessed an increase in social dominance and daily traded volume, indicating growing interest. Institutional investors and retail traders alike are expected to pour new funds into the cryptocurrency industry, driven by rising FOMO sentiment.
Altcoin season on Horizon
Well-known crypto and equity investor Jelle (@CryptoJelleNL) emphasized on Twitter that the positive news surrounding XRP served as a catalyst for the overall altcoin market cap. Breaking a bearish logarithmic trend after 18 months, the analyst believes this break could result in further gains in the coming weeks.
Bitcoin’s dominance in the market has waned, fueling the altcoin season. Bitcoin’s market dominance declined by about 3 percent over the past five days, according to market data from TradingView, and stabilized at around 50 percent on Friday.
Experts suggest that while some altcoins have experienced significant rallies recently, there is still potential for further gains in the coming weeks. Favorable technical and fundamental factors indicate that most digital assets are currently favored by bullish trends, especially given high global inflation in the fiat currency market.
