As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen cycles come and go, bull runs and bear markets, and countless altseasons that have left even the most hardened investors scratching their heads. The current surge in crypto market capitalization to an all-time high of $3.44 trillion is no exception, and it presents a unique set of opportunities and challenges.
On Friday, November 22nd, the total value of cryptocurrencies soared to an unprecedented peak of $3.44 trillion. This surge can largely be attributed to Bitcoin, which reached a record high of $99,000 and continues to maintain a dominance level above 60%. Notably, other digital currencies are also experiencing significant growth, with numerous altcoins demonstrating double-digit increases today.
Currently, Solana (SOL) is shining brightly, reaching a new peak of $263 early on Friday, after a 11% increase in just one day. To add to that, SOL has already surged by a staggering 160% this year. It’s worth noting that the growth of this network largely stems from enthusiasts who focus on meme coins.
Altcoins Awaken
This week, the growth of Solana has been fueled by various proposals for exchange-traded funds (ETFs) based on SOL from entities like Bitwise, VanEck, and 21Shares, each contributing to its momentum with multiple applications.
As an analyst, I’ve observed that the prospect of Bitcoin ETFs receiving approval has significantly escalated following the announcement of Gary Gensler’s departure from the SEC on January 20. This shift could potentially pave the way for these funds.
Solana just hit a new all-time high.
Congratulations to everyone who held through the 97% drawdown over the last few years.
— Anthony Pompliano (@APompliano) November 22, 2024
Today, XRP experienced a significant increase, soaring by 25% to reach a three-year peak of $1.42 during the Asian trading hours on Friday. The optimism surrounding Ripple‘s prolonged legal dispute with the SEC appears to be fueling recent momentum for this cross-border token.
Today, some alternative cryptocurrencies are performing better than Bitcoin, with Cardano (ADA) leading the pack by surging 12% and reaching a peak of $0.893 – its highest point 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.
In general, many alternative cryptocurrencies, particularly Ethereum, have shown a sluggish response, leading some market observers to suspect that in this particular cycle, Bitcoin might continue to hold its leading position, potentially indicating a less vibrant altcoin season.
It’s quite likely that the upcoming altseason will differ significantly from those in the past. Traditionally, altseasons have seen Bitcoin gradually flowing towards lesser-known cryptocurrencies, or “shitcoins.” However, this time around, it appears that billionaires are not showing interest in FARTCOIN. Instead, Bitcoin is maintaining its position, while shitcoins are finding their own space.
— Altcoin Sherpa (@AltcoinSherpa) November 22, 2024
Ethereum Left Behind?
Even though Ethereum (ETH) experienced a 8% increase in value that day, it still couldn’t surpass its resistance level and peaked at just $3,418 during the surge.
Currently, ETH hasn’t yet returned to its July peak of over $3,500 and currently stands about 30% below its all-time record. Additionally, it’s still approximately 17% lower than the $4,070 high it reached in March this year.
As a crypto investor, I’ve noticed analysts mentioning that Ethereum tends to trail in past market cycles. They assure us that its time will eventually arrive, but it’s hard not to feel frustrated as an ETH holder when we’re currently being left behind by the market.
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2024-11-22 09:52