When a whale falls, everything thrives! Will SEC Chairman Gensler's departure usher in the spring of altcoins?
Bitcoin failed to reach 100,000, and Ripple led the surge of altcoins. Is the bull market returning quickly?One generation version, one generation god, the puppet and confused Biden administration is about to come to an end, and the crypto-friendly policies of Trump have already pushed the entire crypto market cap to new highs even before he takes office, as market sentiment is driven by optimistic public opinion sailing towards a further blue ocean.
A whale falls, and all things thrive, the current chairman of the SEC, Gary Gensler, announced that he would automatically resign before Trump’s administration officially begins, that is, before January 20, 2025. Unintentionally, Trump’s crypto campaign declaration has completed another task ahead of time. Gary Gensler is like the largest "blue whale" in the crypto ecosystem; other crypto creatures tremble in its presence due to its status and power. Sunshine (policy) and nutrients (funding) have difficulty entering the deep waters of crypto. Now, with the situation changing and the blue whale falling, the past policy constraints have loosened, and troublesome lawsuits and penalties have retreated. Apart from Bitcoin and Ethereum (the only two cryptocurrencies that were not classified as securities during Gary Gensler's tenure and also passed ETF applications), other crypto projects have received their own blessings, especially some established blockchain projects (altcoins), such as:
$XRP: Up 74.5% in the past 7 days, currently with a market cap of $137.4 billion, ranked 3rd.
$ADA: Up 16% (7 days), currently with a market cap of $40.5 billion, ranked 8th.
$SHIB: Up 24% (7 days), currently with a market cap of $18.4 billion, ranked 11th.
$LTC: Up 34% (7 days), currently with a market cap of $9.6 billion, ranked 19th.
$HBAR: Up 69% (7 days), currently with a market cap of $9.1 billion, ranked 21st.
$FIL: Up 31% (7 days), currently with a market cap of $4.4 billion, ranked 34th.
$ALGO: Up 86% (7 days), currently with a market cap of $4.16 billion, ranked 36th.
$EOS: Up 44% (7 days), currently with a market cap of $1.7 billion, ranked 65th.
$DASH: Up 61% (7 days), currently with a market cap of $645 million, ranked 137th.
BTC's market share has dropped from 60% over the past month to below 57% (currently at 56.7%). Analysts predict that BTC's market share seems poised to break through its long-standing support trend line. Additionally, ETH's market share has also fallen to 12.9%, while the market share of other cryptocurrencies has risen to 31.5%, up from 28.1% last month. Analysts point out that the significant decline in BTC's market share has notably impacted market sentiment, indicating that the altcoin season has arrived.
Especially the established public chain Ripple has seen a strong rebound, having risen over 380% within a month of the last bull market, with its market cap now reaching $141.6 billion, surpassing USDT's $134.2 billion, becoming the third-largest cryptocurrency by market cap. Long-term holders of XRP, the "Bole" (talent scouts), have become more vocal, showcasing their achievements as a business card in social circles.
The rise of XRP began on November 5, the day Trump was elected, as the lawsuits and regulations that had weighed on Ripple were suddenly released. Each subsequent day has seen it visibly strengthen like a recovering body, and it has begun actively seeking cryptocurrency spot ETFs beyond Bitcoin and Ethereum, with popular candidate tokens including SOL, DOGE, XRP, and others.
Of course, Bitcoin's attempt to break the $100,000 mark has failed, and the continued strength of the dollar has likely led to discussions about "calming" the Bitcoin market amid unknown pressures and risks. Trend-following investors have shifted their focus to meme coins and altcoins, while the probability of a 25 basis point rate cut by the Federal Reserve in December stands at 67.1%. Trump's business governance and internal circulation both require economic stimulus as a source, making rate cuts a reality. Inflation and funds seeking to hedge against asset depreciation are rushing into crypto. The main players in meme tokens are mostly retail investors and short-term whales, but older altcoins with product functionality and currently in price valleys seem more suitable for institutional investment tastes, accumulating low-priced, high-value tokens in price tides, waiting for the right moment to sell in different stages of the bull market. Altcoins are not afraid of prolonged low prices but fear being overlooked; when the tide of funds turns, tokens buried in gravel crevices can also rise to the surface and gaze at the stars.
The spring of altcoins is about to arrive. Will we see the beauty of rising whether our eyes are open or closed? We shall wait and see!
