Following the surprise ruling in Ripple’s case with the SEC, leading digital assets data provider Kaiko has noted that BTC volume dominance has fallen 8% since the start of the month, with dominance across centralized exchanges sitting at its lowest since April.
With the market shifting away from the king of cryptocurrency, altcoins have begun to rally across the board. Most notably, offshore exchanges have reflected a sharper drop in BTC trading, with South Korean exchanges leading the way in altcoin volume.
In the United States, the increasing regulatory pressure on the industry has also yet to slow demand for altcoins, with BTC dominance continuing to fall by 20% on U.S. exchanges as well.
A turnaround for altcoins?
Despite crypto facing a possible liquidity crisis earlier this year, data from Kaiko Research shows that there has been a slight increase in market depth across the top 10 altcoins my market capitalization.
1% market depth has increased by USD$20m across the surveyed cryptocurrencies, since the start of July, says Kaiko.
“Overall, with several new tokens launching and a wave of project updates, we could be experiencing the beginnings of a turnaround for altcoins.”
Curious for more insights on the market? Check out the full report HERE.
[Editor’s Note: This article does not represent financial advice. Please do your own research before investing.]
Featured Image Credit: Chaindebrief