A generation of versions, a generation of gods, the puppet and confused Biden administration is also about to come to an end, and the crypto-friendly policies of the yet-to-be-inaugurated Trump have already pushed the entire crypto market cap to new highs, with market sentiment being driven by optimistic public opinion to sail to more distant blue waters.
When a whale falls, all things are born, the current SEC chairman Gary Gensler announced that he will automatically resign before the Trump administration officially begins, that is, before January 20, 2025, which means that Trump's crypto campaign declaration has already completed one item in advance. Gary Gensler is like the largest "blue whale" in the crypto ecosystem, and other crypto organisms tremble in his domain because of his status and power, and sunlight (policies) and nutrients (funds) find it difficult to penetrate the deep waters of crypto. Now the situation has changed, the blue whale has fallen, the past tight policies have been loosened, and the troublesome litigation and fines have withdrawn. Except for BTC and ETH (the only two cryptocurrencies in the entire crypto circle that were not classified as securities under Gary Gensler's tenure, and also passed the ETF application), other crypto projects have all received their own gospel, especially some old-brand blockchain projects (altcoins), such as:
$XRP: up 74.5% in the past 7 days, with a current market cap of $137.4 billion, ranking 3rd.
$ADA: up 16% (7 days), with a current market cap of $40.5 billion, ranking 8th.
$SHIB: up 24% (7 days), with a current market cap of $18.4 billion, ranking 11th.
$LTC: up 34% (7 days), with a current market cap of $9.6 billion, ranking 19th.
$HBAR: up 69% (7 days), with a current market cap of $9.1 billion, ranking 21st.
$FIL: up 31% (7 days), with a current market cap of $4.4 billion, ranking 34th.
$ALGO: up 86% (7 days), with a current market cap of $4.16 billion, ranking 36th.
$EOS: up 44% (7 days), with a current market cap of $1.7 billion, ranking 65th.
$DASH: up 61% (7 days), with a current market cap of $645 million, ranking 137th.
BTC's market share has dropped from 60% in the past month to below 57% (currently 56.7%). Analysts predict that BTC's market share seems to be about to break through its multi-year support trend line. In addition, ETH's market share has also dropped to 12.9%, while the market share of other cryptocurrencies has risen to 31.5%, higher than the 28.1% of the previous month. The analysis points out that the significant decline in BTC's market share has significantly impacted market sentiment,indicating that the altcoin season has arrived.
Especially the old public chain Ripple has experienced a strong rebound, already surpassing the 380% increase within 1 month of the previous bull market, with a current market cap of $141.6 billion, surpassing USDT's $134.2 billion, becoming the third largest cryptocurrency by market cap, and the "patrons" who have held XRP for a long time have also become more vocal, showing off their experience as a business card in social circles.
The rise of XRP began on November 5, the day Trump's campaign was successful. The lawsuits and regulations that had previously weighed on Ripple were suddenly released, and every day since then has seen the recovering body visibly strengthening, and it has also begun to actively seek spot ETFs for cryptocurrencies other than BTC and ETH, with the current hot candidate tokens including SOL, Doge, XRP, etc.
Of course, BTC's attempt to break through the $100,000 mark has failed,the continued strength of the US dollar has led to discussions about "calming" the BTC market due to the pressure of crypto hedging and unknown risks, and the warrior gods who buy the rise and not the fall and make short-term profits have already shifted their attention to MEME and altcoins, while the probability of a 25-basis-point rate cut by the Fed in December is 67.1%, Trump's business governance and internal circulation both need economic easing as the source, and the rate cut has become a fact, with inflation and hedging against asset shrinkage driving funds to rush into crypto, the main force of MEME is mostly retail investors and short-term whales, but the old altcoins with product functions and at price troughs seem more suitable for institutional investment, absorbing low-priced high-net-worth tokens in the price tides, and selling them at different stages of the bull market, altcoins are not afraid of persistent low prices, but afraid of no one's attention, and the tokens buried in the cracks of the sand can also emerge from the water and look up at the stars when the tide of capital turns the world upside down.
Will the spring of altcoins come next, ushering in a beautiful era of rising eyes closed? We shall see!
