The crypto community’s ears perked up when 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 and outperforming Bitcoin.
Bold claim, right? Let’s explore why he believes this to be true.
Tesla and Bitcoin
The crypto market has been no stranger to Elon Musk’s influence in recent times. Musk’s announcement about Tesla’s acceptance of Bitcoin as a means of payment drove the Bitcoin price north past the 50,000 mark.
Still, the subsequent decision to halt Bitcoin transactions due to environmental concerns caused a market decline. While the market danced to Tesla’s tunes, Armstrong has shifted attention to a more complicated situation currently unfolding.
Read more: Elon Musk’s Tesla faces SEC investigation after Senator Warren’s allegations
A strange circumstance caught Armstrong’s attention: the rumors that Tesla would accept Bitcoin. However, upon further inspection, he discovered that these rumors were unfounded, as the source code referenced was from January and only indicated the acceptance of Dogecoin, and not Bitcoin. His take on this reveals the skepticism that every investor should harbor, as market dynamics do not always follow rumors or unofficial reports.
Altcoin season Guard!
Armstrong drew attention to the declining dominance of stablecoins in the crypto market and hinted at an upcoming altcoin season. He highlighted a notable pattern: Bitcoin and Ethereum dominance are declining, while stablecoin dominance is also hitting a two-year low.
His interpretation? An altcoin boom is building, and XRP will reap the benefits.
The rise of XRP
As market patterns reveal a potential altcoin boom, Armstrong mentioned the significant inflow into XRP. In a comparison between XRP and Stellar (XLM), both rose 64% after the announcement, yet XRP still emerged victorious. It appears that XRP’s success is spilling over to other ISO 20022 compliant coins, including XLM and XDC.
While Ripple leads the way, victory in the lawsuit could mean that XRP is not a security, essentially dispelling any remaining doubts. Ripple’s triumph and XLM’s progress on a central bank digital currency (CBDC) with Ukraine indicate the potential for ISO 20022 coins. Armstrong also highlighted the high liquidity required to boost XRP compared to XLM due to its larger market capitalization.