Today's Crypto Prices: Bitcoin Surges Above $31,500; Ethereum Tops $2,000; XRP Skyrockets 64% After Favorable Court Ruling
The world of cryptocurrencies witnessed a frenzy of activity on Friday as Ripple emerged victorious against the US SEC in court. The positive outcome, coupled with encouraging US inflation data, fueled optimism for global digital assets and propelled their prices to unprecedented heights.
Bitcoin experienced a remarkable surge, securing substantial gains. The leading cryptocurrency spiked by an impressive 4%, reaching a price level of approximately $31,500. Ethereum, its closest competitor, outperformed expectations by soaring 8% and surpassing the $2,000 milestone. Notably, several other alternative coins also exhibited robust growth within the past 24 hours.
Following a favorable federal court decision in favor of Ripple, Bitcoin skyrocketed to its highest level in a year, surpassing the $31,700 mark. However, it has since stabilized and is currently trading at around $30,400. Noteworthy is the fact that Bitcoin has achieved a 3% gain this month and an impressive 89% increase year-to-date, as confirmed by Edul Patel, co-founder and CEO at Mudrex.
"With this news, XRP experienced an outstanding surge, outperforming Bitcoin with a staggering 61% increase within the last 24 hours. Furthermore, Ethereum, the second-largest cryptocurrency, has broken records by surpassing the $2,000 threshold. The prevailing market sentiment indicates a bullish trend," he added.
The majority of top-ranking cryptocurrencies demonstrated significant gains on Friday, with numerous tokens achieving double-digit increases. XRP led the way with an extraordinary rally of 64%, while Solana surged by 31%. Cardano exhibited an impressive growth rate of over 25%, while Polygon advanced by 18%. Avalanche and Polkadot also made noteworthy gains of 13% and 10% respectively.
The global cryptocurrency market capitalization experienced a substantial surge, reaching a staggering $1.26 trillion, driven by an almost 7% increase within the last 24 hours. Additionally, trading volumes soared by approximately 121% to reach $67.66 billion.
Over the past 24 hours, the crypto market has witnessed significant gains. The crypto fear and greed index has risen by 3 points, placing it in the greed zone with a score of 60/100. Parth Chaturvedi, Investments Lead at CoinSwitch Ventures, attributed these market gains to a US court ruling that partially favored Ripple.
"The court has declared that the trading of XRP among retail investors cannot be considered a 'securities' sale. Although the SEC continues to hold its stance and may file an appeal, this ruling has set a strong precedent for the sector and has triggered a massive price rally," he explained.
Top Crypto Prices Today, July 11, Bitcoin crosses USD 30,500
