The ears of the crypto community perked up when well-known influencer Ben Armstrong, widely recognized as Bitboy Crypto, alluded to 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 the influence of Elon Musk in recent times. Musk’s announcement about Tesla’s acceptance of Bitcoin as a form of payment propelled the Bitcoin price north, past 50,000.
But the subsequent decision to halt Bitcoin transactions due to environmental concerns caused a market collapse. As the market danced to Tesla’s tunes, Armstrong has turned attention to a more complicated situation that is currently unfolding.
Read more: Elon Musk’s Tesla faces SEC investigation over Senator Warren’s allegations
A strange circumstance caught Armstrong’s attention: the rumors that Tesla would accept Bitcoin. However, upon closer inspection, he found these rumors unfounded as the referenced source code was from January and only indicated acceptance of Dogecoin, not Bitcoin. His take on this reveals the skepticism that any investor should harbor, as market dynamics don’t always follow rumor or unofficial reports.
Altcoin Season guard!
Armstrong drew attention to the waning dominance of stablecoins in the crypto market and hinted at an upcoming altcoin season. He highlighted a remarkable pattern: Bitcoin and Ethereum dominance is waning, while stablecoin dominance is also hitting a two-year low.
His interpretation? An altcoin spike is brewing and XRP is poised to reap the rewards.
Read more: Bitcoin Bull Run Delayed: Are Altcoins Coming for the Crown?
The rise of XRP
With market patterns revealing a potential altcoin boom, Armstrong cited the significant inflows into XRP. In a comparison between XRP and Stellar (XLM), both rose 64% after the announcement, but XRP came out victorious. It seems that XRP’s success is spilling over to other ISO 20022 compliant coins, including XLM and XDC.
While Ripple leads the way, the victory in its lawsuit could mean that XRP is not a security, essentially clearing any remaining doubts. Ripple’s triumph and XLM’s progress towards a Central Bank Digital Currency (CBDC) with Ukraine indicate the potential for ISO 20022 coins. Armstrong also highlighted the high liquidity needed to boost XRP compared to XLM due to its larger market cap.