Crypto community ears perked up as renowned influencer Ben Armstrong, widely recognized as Bitboy Crypto, hinted at a promising altcoin season ahead. He argued that Ripple’s digital currency, XRP, is leading this crypto rally, performing better than Bitcoin.
Tesla and Bitcoin
The crypto market in recent times has been no stranger to Elon Musk’s influence. Musk’s announcement regarding Tesla’s acceptance of Bitcoin as a form of payment drove the Bitcoin price north, past the 50k mark.
Yet, the subsequent decision to halt Bitcoin transactions on environmental concerns caused a market tumble. While the market danced to Tesla’s tunes, Armstrong has steered the attention towards a more intricate situation currently unfolding.
The Crypto Market’s Curious Case
A strange circumstance caught Armstrong’s attention: the rumors of Tesla accepting Bitcoin. However, upon close inspection, he found these rumors baseless, as the source code referenced was from January and only indicated acceptance of Dogecoin, not Bitcoin. His take on this reveals the skepticism that every investor should maintain, as market dynamics may not always follow rumors or unofficial reports.
Signs of an Altcoin Season
Drawing attention to the falling dominance of stablecoins in the crypto market, Armstrong hinted at a forthcoming altcoin season. He emphasized a noteworthy pattern: Bitcoin and Ethereum dominance decreasing, with stablecoin dominance also reaching a two-year low. His interpretation? An altcoin surge is brewing, and XRP stands to reap the benefits.
The Rise of XRP
With market patterns revealing a potential altcoin boom, Armstrong mentioned the considerable influx into XRP. In a comparison between XRP and Stellar (XLM), both were up by 64% post-announcement, yet XRP emerged victorious. It seems that XRP’s success is spilling over onto other ISO 20022-compliant coins, including XLM and XDC.
As Ripple leads the way, the victory in its lawsuit may signify that XRP is not a security, essentially eliminating any remaining doubts. Ripple’s triumph and XLM’s progress on a Central Bank Digital Currency (CBDC) with Ukraine signal the potential for ISO 20022 coins. Armstrong also stressed the high liquidity required to boost XRP compared to XLM due to its larger market cap.
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