According to a new study by smart data portal Kaiko, open interest in alternative cryptocurrencies is now growing faster than that of Bitcoin (BTC). The latest decision in the long-running SEC litigation against Ripple, which has had a profound effect on market dynamics, is the driving cause for this major move.
In its legal dispute with the SEC, Ripple eventually won a favourable decision after what felt like an eternity of waiting. The instantaneous market response was one for the history books. XRP’s value has increased by an astonishing 69% in only a few short days. Furthermore, well-known exchanges that had previously delisted the currency, such Coinbase and Binance US, swiftly relisted it to take advantage of the resurgence in demand.
So it comes as no surprise that the open interest values for XRP trading have increased by an incredible 100% during the previous week, exceeding all forecasts. When comparing the shift in open interest from the previous week, XRP has astonishingly surpassed Bitcoin by a strong 50%. Though significantly more slowly, other cryptocurrencies are doing the same.
Unexpectedly, XRP has overtaken both BTC and ETH in terms of market share, currently making up a sizable 21% of all cryptocurrency trades worldwide. Naturally, this has led to an increase in trading volumes for other cryptocurrencies as well.
Currently, XRP is trading at levels not seen in the previous 15 months, setting new records. The worldwide trade activity has been rather muted, with volumes barely reaching a 10-month high, despite this overwhelmingly optimistic impetus.
