The crypto community was excited when famous influencer Ben Armstrong, known as Bitboy Crypto, hinted that the upcoming altcoin season will be promising. He argued that Ripple’s cryptocurrency XRP led this crypto rally and outperformed Bitcoin. Here are the details…
Analyst points to Elon Musk influence on Bitcoin
The crypto market has been no stranger to the influence of Elon Musk for the past 1-2 years. Musk’s announcement about Tesla’s acceptance of Bitcoin as a form of payment pushed the Bitcoin price upwards by exceeding the 50,000 level. However, the later decision to stop Bitcoin transactions due to environmental concerns caused the market to decline. As the market danced to the tunes of Tesla, Armstrong focused attention on a more complex situation that is now unfolding.
A strange circumstance caught Armstrong’s attention: rumors that Tesla was accepting Bitcoin. However, upon closer inspection, he saw that these rumors were unfounded. Because the referenced source code was from January and indicated that only Dogecoin was accepted, not Bitcoin. His approach to this issue reveals the skepticism every investor should maintain, as market dynamics may not always follow rumors or unofficial reports.
Altcoin season awaits us?
Noting the declining dominance of stablecoins in the crypto market, Armstrong hinted at an upcoming alt season. He also highlighted a notable pattern. According to the model, Bitcoin and Ethereum dominance decreased, while stablecoin dominance reached its lowest level in two years. According to the analyst, there is an altcoin surge and XRP is preparing to reap the fruits of it. With market patterns revealing a potential altcoin boom, Armstrong spoke of the significant influx into XRP. In a comparison between XRP and Stellar (XLM), both rose 64 percent, but XRP prevailed. It seems that the success of XRP is also reflected in other ISO 20022 compliant coins, including XLM and XDC.
The victory in the lawsuit led by Ripple may indicate that XRP is not a security. It can essentially remove all remaining doubts. Ripple’s victory and XLM’s progress with Ukraine on the Central Bank Digital Currency (CBDC) point to the potential of ISO 20022 coins. Armstrong also highlighted the high liquidity needed to boost XRP compared to XLM due to its larger market cap. Time will tell what will happen in the future. Even if altcoin season has arrived, the fact that Bitcoin is the largest and most established coin by market cap puts the coin that will surpass it in a critical position.
