Crypto market capitalization surged to an all-time excessive of $3.44 trillion on Friday, Nov. 22. It has been primarily pushed by Bitcoin, which topped $99,000 at a brand new all-time excessive as its dominance stays excessive at over 60%. Nonetheless, a number of altcoins are additionally making huge strikes, with many exhibiting double-digit progress as we speak.
Solana (SOL) is the standout for the time being, hitting an all-time excessive of $263 on Friday morning, following an 11% achieve on the day. Furthermore, SOL has gained a whopping 160% up to now this 12 months. Nonetheless, momentum for the community has largely been pushed by meme coin degens.
Altcoins Awaken
Solana momentum has additionally been pushed by a number of purposes for spot SOL ETFs by issuers, together with Bitwise, VanEck, and 21Shares, this week.
It has additionally been boosted by the information of Gary Gensler’s departure from the SEC on January 20 which has drastically elevated the percentages of those funds being authorised.
Solana simply hit a brand new all-time excessive.
Congratulations to everybody who held via the 97% drawdown over the previous couple of years. pic.twitter.com/rJdI6x4zmt
— Anthony Pompliano (@APompliano) November 22, 2024
XRP was additionally on fireplace as we speak, surging 25% on the day to hit a three-year excessive of $1.42 in the course of the Asian buying and selling session on Friday. Hope that Ripple’s multi-year authorized battle with the SEC can be resolved positively has pushed momentum for the cross-border token just lately.
Different altcoins outperforming as we speak embody Cardano (ADA), which made 12%, topping out at $0.893, its highest since April 2022.
Stellar (XLM) mirrored XRP’s transfer with an 18% transfer to achieve $0.288 on Friday morning. Cronos (CRO) was additionally doing properly, hitting $0.20 following a 14% day by day achieve.
Many of the altcoins, however primarily Ethereum, have been sluggish to react, sparking hypothesis that on this cycle, Bitcoin will stay dominant and that the altseason could also be muted.
It’s fairly potential that this upcoming altseason could be very totally different than those previously. Earlier altseasons had a pure circulation of $BTC –> trickling to our shitcoins. This time, the billionaires will not be shopping for FARTCOIN. BTC stays in its lane and shitcoins theirs.
— Altcoin Sherpa (@AltcoinSherpa) November 22, 2024
Ethereum Left Behind?
Regardless of an 8% achieve on the day, ETH failed to interrupt resistance and solely managed to achieve $3,418 in the course of the rally.
ETH nonetheless hasn’t reached its July ranges of over $3,500 and stays greater than 30% down from its all-time excessive. It is usually nonetheless down 17% from its 2024 excessive of $4,070 hit in March.
Analysts have identified that Ethereum normally lags in earlier cycles, and its time will come; nonetheless, that’s of little comfort to ETH holders who’re getting left behind for the time being.
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