As a seasoned crypto enthusiast who has navigated through bull markets and bearish phases alike, I find myself deeply intrigued by this dynamic landscape of digital currencies. The recent surge in altcoins like XRP, XLM, ADA, and the emerging Husky Inu (HINU) is a testament to the resilience and adaptability of the crypto world.
Bitcoin (BTC) is strongly heading towards $100,000 following a new all-time high of $99,655. This significant level might be within reach for BTC soon, but its dominance has taken a slight dip after reaching a peak of 60.58% recently. As Bitcoin’s dominance (BTC.D) starts to wane, larger altcoins are experiencing double-digit daily growth, leading some to wonder if this could be the beginning of an altcoin rally.
Yesterday, Bitcoin reached an unprecedented peak due to the announcement made the night before that Gary Gensler, head of the US Securities and Exchange Commission (SEC), plans to step down on January 20, 2025 – marking the start of Donald Trump’s second term as President. This development sparked a rise in price, causing significant increases for prominent altcoins like Ripple (XRP), Dogecoin (DOGE), Cardano (ADA), and Stellar Lumens (XLM) with impressive double-digit gains on the day.
Bitcoin Dominance Peaks, Altcoins Step In
BTC.D recently reached a high of 60.1% but has declined since, and top altcoins are stepping up to claim their share of the total market capitalization of cryptocurrencies.
Glancing at the graph provided, it’s clear that the Altcoin Season Index currently stands at 32, indicating a shift away from the Bitcoin Season domain. Simultaneously, the total market cap of altcoins has nearly reached $1.39 trillion, hinting at an imminent entry into the altcoin season territory.
Bitcoin Dominance is a metric measuring BTC’s relative share or dominance in the overall crypto sector. This measure represents the percentage of Bitcoin’s total market cap compared to the total market cap of all cryptocurrencies combined. The Altcoin Season Index, on the other hand, provides real-time insights into whether the crypto market is currently in Altcoin Season. The Index is based on the performance of the top 100 altcoins relative to BTC over the past 90 days.
Large Cap Altcoins Witness Price Surge
As the altcoin period approaches, investors are increasingly directing their attention towards lesser-known projects rather than Bitcoin, causing a spike in the values of these alternative coins. A series of optimistic news occurrences have made for a bullish week within the crypto market, with Gary Gensler’s anticipated resignation from his position as chair of the SEC being the most significant event.
Cross-Border Payment Networks Ripple (XRP) and Stellar (XLM) Surge
In a significant turn of events, Ripple (XRP) experienced one of its most profitable trading days recently, recording an increase of more than 12% in the last week. However, Ripple Labs has been entangled in a high-profile legal dispute with the securities regulator for quite some time now, which has had a substantial impact on XRP’s standing. In 2020, the regulatory body filed a lawsuit against Ripple for allegedly violating securities laws, leading several exchanges like Coinbase, Kraken, Bitstamp, and Gemini to remove XRP from their platforms. However, Ripple managed to find some respite in 2023 when a partial victory ended the Securities and Exchange Commission’s three-year-long campaign against the company. In a court ruling by Judge Analisa Torres in the Southern District of New York, it was determined that Ripple’s XRP token is not inherently a security.
As an analyst, I’ve observed a remarkable surge in the value of XRP over the past week, with the price soaring by approximately 57%. The day-high reached an impressive figure of $1.62. Following the announcement of Gensler’s early term at the SEC, XRP’s total market cap swelled to a staggering $88.89 billion. Moreover, its 24-hour trading volume witnessed a substantial increase of over 234%. Currently, XRP is being traded at around $1.56.
The Stellar network shares resemblance with the Ripple ($XRP) network, functioning as a decentralized platform for swift and affordable cross-border transactions that encourages financial equality among individuals and businesses worldwide. The Stellar network was designed to accommodate digital versions of any currency, but it has its own native token known as Lumens (XLM). Originating from a branch of the Ripple protocol, Stellar strives to establish a global network that links financial institutions, payment processors, and individual users, simplifying cross-border money transfers and ensuring access to fundamental financial services.
Yesterday, Stellar’s XLM experienced a significant surge, increasing by approximately 58%. Currently, it trades at around $0.4516. Over the past week, XLM has seen impressive growth, rising over 194%, making it one of the top performing altcoins in the trading market.
In the emerging global financial system, it’s anticipated that both Ripple (XRP) and Stellar Lumens (XLM) will play crucial roles. XRP is specifically designed to streamline institutional liquidity for swift cross-border transactions, while XLM’s platform is geared towards handling efficient peer-to-peer transactions and retail remittances easily. Financial analysts foresee a dual monetary structure, where XRP and XLM are utilized at distinct levels for their unique purposes.
Cardano (ADA) Weekly Active Addresses Cross 350K
Cardano (ADA) is another major gainer in recent weeks after Donald Trump’s election victory. On-chain metrics show Cardano’s weekly active addresses elevated since the crypto market rally triggered by Trump’s win on November 6 began. The surge in network usage, coupled with whale buying activity, has resulted in a very bullish outlook for ADA.
After the Cardano Foundation unveiled a revised plan for the Cardano Constitution, aimed at enhancing network management, ADA experienced another surge. The updated proposal involves modifications to constitutional workshops, social media discussions, and gatherings for expert and community feedback. This overhaul aims to make the Cardano governance framework more understandable and accessible to a broader audience, which is less technically inclined. In the last 24 hours, Cardano’s ADA has climbed by over 27%, with a remarkable 51% increase in weekly gains.
Enthusiasm for Cardano (ADA) increased significantly following the disclosure that its founder, Charles Hoskinson, aimed to influence U.S. cryptocurrency policy during Donald Trump’s presidency. In total, ADA has experienced a growth of more than 221% in the last month, suggesting a very optimistic future.
Dogecoin (DOGE) Crosses $0.40 in Reaction to Gensler News
Dogecoin (DOGE) reached a three-year peak on November 12 after Donald Trump announced Elon Musk’s involvement in the proposed Department of Government Efficiency (DOGE) under his upcoming administration. DOGE surged 185% between November 5 and November 12 before a 13% dip in the days after. DOGE, however, reclaimed its $0.40 position after the news of Gensler’s imminent departure was confirmed. DOGE gained over 18% in the past day and is currently trading at $0.4629.
Husky Inu (HINU) Likely to Benefit on Timing
Market observers and cryptocurrency supporters welcomed the apparent end of Gary Gensler’s tough and aggressive leadership. During Gensler’s tenure, numerous large cryptocurrency companies and influential industry figures encountered regulatory oversight and action, leading some to seek protection outside of U.S. borders. The crypto community has warmed up to Donald Trump due to his pledge to establish the U.S. as the global leader in cryptocurrencies, and this promise seems to be influencing current market trends positively.
A fresh wave of positivity about digital assets is expected to boost upcoming ventures, as investors start to feel reassured and more confident in this sector once again.
The buzzing meme coin, Husky Inu (HINU), originating from the Solana network, is poised to bask in the limelight due to current market news. Freshly debuted, Husky Inu has successfully kicked off its native token presale, HINU, and aims to dominate the meme coin sector by leveraging a strong and collaborative community, along with cutting-edge features and elevated incentives.
Ever since its launch, the pre-sale has amassed an impressive total of $565,000, with predictions suggesting rapid growth as the crypto market continues to surge. The innovative team behind Husky Inu is currently developing some thrilling projects, such as an Earn App and a Decentralized Exchange. The Earn App aims to reward users with HINU tokens for participating in the project, while the Decentralized Exchange will offer seamless decentralized trading, benefiting HINU holders.
Join the HINU presale now to enjoy the immense potential of the burgeoning crypto sector.
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2024-11-23 13:15