Altcoins Rally on Rumors of Gensler’s Dismissal

Many foreign media report "Gensler, likely to be dismissed from the chairmanship"
Altcoins rise following rumors of Gensler's dismissal as chairman
XRP·XLM lead the altcoin rally
Joo Gi-young "BTC could reach $135,000 in this cycle"

News of U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler's possible resignation led to a rally in altcoins on the 18th.

Many foreign media outlets are reporting articles predicting Gensler's resignation. This is because former President Trump, who has repeatedly promised to dismiss Gensler, has been confirmed as the 47th President of the United States.

Cody Carbon, president of the Digital Chamber of Commerce, suggested in a November 17 interview with Thinking Crypto that Gensler's resignation date would be December 31 of this year.

As rumors of Gensler's exact resignation date emerged, major altcoins rose. This is due to the hope that Gensler, who has classified many altcoins as "securities" and has been blocking the altcoin rally, may soon be dismissed.

In particular, Ripple (XRP) and Stellar Lumens (XLM) soared on the weekend and again on the 18th, leading the altcoin rally, as Ripple CEO Brad Garlinghouse hinted at meeting the President-elect Trump in a formal interview.

◇Bitcoin = As of 4:30 pm on the 18th based on Upbit, the price of Bitcoin is 12,782 million won. Bitcoin's market dominance is 59.95%.

According to on-chain analysis platform Sygbit, the long (bullish) and short (bearish) betting ratio in the Bitcoin futures market is 47.41% and 52.59%, respectively.

As Bitcoin has been rising day after day, Crypto Quant CEO Joo Gi-young, who has been arguing for a short-term correction in Bitcoin, has pointed out the target price of this Bitcoin rally.

On the 17th, he posted on his X account that "Bitcoin is in a bull market" and "based on the accumulated capital inflow into the market, the current ceiling appears to be $135,000."

The CEO said that based on a quantitative analysis of Bitcoin's recent price movements, taking into account the capital inflow into Bitcoin through ETFs and products in the U.S., he has set the target price for Bitcoin in 2024 at $135,000.

◇Rising Coins = At 4:30 pm on the 18th based on Upbit, the cryptocurrency that recorded the largest increase from the previous trading day was Hedera (HBAR), rising about 32%.

Hedera is the native token of the Hedera Hashgraph network. Hedera was developed based on fast transaction processing speed and low fees. It has a transaction processing speed of over 10,000 TPS and an average transaction fee of just $0.0001.

Hedera ensures the stability of the network by paying transaction fees (measured in USD and settled in Hedera tokens) and providing staking incentives (node rewards).

◇Fear and Greed Index = The Cryptocurrency Fear and Greed Index provided by Alternative is at 83 points, entering the "Extreme Greed" stage. Extreme Greed is a stage of rising accompanied by high trading volume and strong volatility. The market is highly likely to exit at the top, making it a sell zone for institutions.

The Cryptocurrency Relative Strength Index (RSI) provided by Sygbit is 60.5, indicating a "neutral" state. RSI measures the relative strength between the upward and downward pressure on the price of a specific asset, indicating the overbought and oversold levels of the asset.