Bitcoin (BTC) has made significant gains in the last 7 days. The altcoin market has reacted very enthusiastically to the rally of the largest cryptocurrency again. The week was full of good news for altcoin investors. So, without further ado, let’s take a look at all the good things that have recently happened in the world of altcoins.
Ripple Price Rises on Upbeat Court News
Ripple (XRP) used to be one of the fastest growing cryptocurrencies in the blockchain ecosystem, but Ripple Labs’ issues with US law have greatly affected XRP’s popularity. However, it appears that the SEC lawsuit that accused former and current CEOs of Ripple Labs of selling unregistered securities could end in a positive outcome for XRP.
On December 22, the US Securities and Exchange Commission (SEC) took legal action against Ripple Labs Inc., and specifically two of its executives: former CEO Christian Larsen and current CEO Brad Garlinghouse. In this lawsuit, the SEC alleges that Ripple Labs executives conducted an illegal sale of unregistered securities worth a total of $1.3 billion at the time.
A new court order issued by Judge Analisa Torres authorizes Ripple Labs to respond directly to the SEC memorandum, stating that the company has “good reason” to file a response rebutting the SEC’s arguments.
What this decision means in practice is that the preliminary phase of the lawsuit, which has been going on for months, is finally over. Soon the judge will be ready to make a decision that will have a huge impact on the future of the XRP cryptocurrency.
Although nothing has been resolved yet, the market has reacted enthusiastically to the news. Ripple price surged over 35%, making XRP one of the top performing assets this week. Furthermore, XRP even managed to outperform crypto assets such as Solana (SOL) and Cardano (ADA) in market capitalization, making XRP the sixth largest cryptocurrency in the market.
Ethereum above $3,000, but on-chain stats are pretty worrying
The price of Ethereum (ETH) has performed very well this week: ETH is up almost 12% and has reached $3,100. However, on-chain analysts argue that a closer look at ETH’s fundamentals reveals little optimism.
According to a survey conducted by on-chain analyst Marcel Pechman, almost all on-chain statistics look bearish for Ethereum. Metrics such as network usage, transaction volume, total value locked in ETH smart contracts, and the number of active users are declining, indicating a steady outflow of users to other networks, such as Solana or Binance Smart. Chain.
While these stats don’t seem to affect the ETH spot price for now, Perchman says they have already affected the Ethereum derivatives market. Most people who trade ETH futures have a bearish outlook, with shorts significantly larger than longs.
Will the price of ETH continue to rise or will it fall due to bearish fundamentals? Time will tell, but the unresolved issues of high transaction fees still seem to be a big problem for Ethereum.
Gaming tokens are growing again
Gaming tokens that enable Play to Earn (P2E) games with NFTs were some of the hardest hit crypto assets during the recent cryptocurrency crash. Now it finally appears that gaming cryptocurrencies have started their recovery.
The most impressive gains this week came from the Gala gaming token (GALA). The GALA token has been upgraded by a staggering 80% and has been included in the top 50 list of digital currencies by market capitalization.
The main reason for the rapid growth seems to be the soundness of its fundamentals. GALA’s user base is growing at a very fast rate, mainly due to Gala’s unique ‘play to win’ approach.
While other projects have focused primarily on one game, Gala aims to be a complete ecosystem. New games are constantly being released, often in collaboration with major partners. Recently, a slew of upcoming games were announced soon to be coming to the Gala ecosystem, making GALA investors particularly optimistic.
Other gaming tokens also performed better: Axie Infinity (AXIE) increased in price by 22%, The Sandbox (SAND) by 15%, and Decentraland (MANA) by 23%. The metaverse craze is increasing the popularity of blockchain-based games, but how many of them could have a lasting impact on the crypto space?