Gensler’s Departure Turns Altcoins on Fire: Solana Hits ATH, XRP up 25%
Crypto market capitalization surged to an all-time high of $3.44 trillion on Friday, Nov. 22. It has been primarily driven by Bitcoin, which topped $99,000 at a new all-time high as its dominance remains high at over 60%. However, several altcoins are also making big moves, with many showing double-digit growth today.
Solana (SOL) is the standout at the moment, hitting an all-time high of $263 on Friday morning, following an 11% gain on the day. Moreover, SOL has gained a whopping 160% so far this year. However, momentum for the network has largely been driven by meme coin degens.
Altcoins Awaken
Solana momentum has also been driven by multiple applications for spot SOL ETFs by issuers, including Bitwise, VanEck, and 21Shares, this week.
It has also been boosted by the news of Gary Gensler’s departure from the SEC on January 20 which has greatly increased the odds of these funds being approved.
Solana just hit a new all-time high.
Congratulations to everyone who held through the 97% drawdown over the last few years. pic.twitter.com/rJdI6x4zmt
— Anthony Pompliano (@APompliano) November 22, 2024
XRP was also on fire today, surging 25% on the day to hit a three-year high of $1.42 during the Asian trading session on Friday. Hope that Ripple’s multi-year legal battle with the SEC will be resolved positively has driven momentum for the cross-border token recently.
Other altcoins outperforming today include Cardano (ADA), which made 12%, topping out at $0.893, its highest since April 2022.
Stellar (XLM) mirrored XRP’s move with an 18% move to reach $0.288 on Friday morning. Cronos (CRO) was also doing well, hitting $0.20 following a 14% daily gain.
Most of the altcoins, but primarily Ethereum, have been slow to react, sparking speculation that in this cycle, Bitcoin will remain dominant and that the altseason may be muted.
It’s quite possible that this upcoming altseason is very different than the ones in the past. Previous altseasons had a natural flow of $BTC –> trickling to our shitcoins. This time, the billionaires are not buying FARTCOIN. BTC stays in its lane and shitcoins theirs.
— Altcoin Sherpa (@AltcoinSherpa) November 22, 2024
Ethereum Left Behind?
Despite an 8% gain on the day, ETH failed to break resistance and only managed to reach $3,418 during the rally.
ETH still hasn’t reached its July levels of over $3,500 and remains more than 30% down from its all-time high. It is also still down 17% from its 2024 high of $4,070 hit in March.
Analysts have pointed out that Ethereum usually lags in previous cycles, and its time will come; however, that is of little consolation to ETH holders who are getting left behind at the moment.
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