Renowned cryptocurrency expert Ben Armstrong foresees an upcoming altcoin season, with XRP likely to outperform Bitcoin. While Tesla’s influence has caused market fluctuations, Armstrong advises against relying on rumors. As stablecoin dominance decreases, an altcoin surge is expected, with XRP’s rise influencing other ISO 20022 coins.
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Renowned crypto influencer Ben Armstrong, known as Bitboy Crypto, has sparked excitement within the crypto community by suggesting a potential promising altcoin season on the horizon. Armstrong points out that XRP, Ripple’s digital currency, is spearheading this crypto rally, outperforming Bitcoin in the process.
That’s a bold claim! Let’s see why he thinks so.
Tesla and Bitcoin
Elon Musk’s influence has been evident in the crypto market recently. His announcement of Tesla accepting Bitcoin pushed the price above $50k. However, the subsequent decision to halt Bitcoin transactions due to environmental concerns led to a market downturn. Amidst this, Armstrong has drawn attention to a complex unfolding situation.
Armstrong noticed a peculiar situation: rumors of Tesla accepting Bitcoin. Upon investigating, he discovered these rumors were unfounded, as the source code referred to acceptance of Dogecoin, not Bitcoin, from January. This incident highlights the need for investors to remain skeptical, as market dynamics may not align with rumors or unofficial reports.
Armstrong Predicts Altcoin Season as Stablecoin Dominance Falls
Renowned influencer Ben Armstrong has brought attention to the declining dominance of stablecoins in the crypto market, hinting at an upcoming altcoin season. Notably, both Bitcoin and Ethereum dominance are decreasing, with stablecoin dominance hitting a two-year low. Armstrong interprets this pattern as a potential altcoin surge on the horizon, with XRP poised to benefit from the market shift.
XRP’s Success Fuels Altcoin Boom, Ripple’s Triumph Key Factor
With market trends indicating a possible altcoin boom, Ben Armstrong noted a significant surge in XRP’s popularity. Comparing XRP and Stellar (XLM), both coins saw a 64% increase post-announcement, but XRP emerged as the winner.
Ripple’s legal victory further reinforces XRP’s potential, dispelling doubts about its security status. This success also spills over to other ISO 20022-compliant coins, including XLM and XDC. XLM’s progress with Ukraine on a Central Bank Digital Currency (CBDC) adds to the potential of ISO 20022 coins. Armstrong emphasized that XRP requires higher liquidity compared to XLM, mainly due to its larger market cap.
Important:Â Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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