Cardano (ADA) and Ripple (XRP) lead altcoin gains as Bitcoin flirts with $100,000

Bitcoin is on the verge of reaching six figures for the first time, continuing its record. While this milestone marks a historic moment for the world’s largest cryptocurrency, altcoins are also in the spotlight with notable gains.

XRP and ADA are the two biggest altcoins that have emerged as the biggest gainers from this extended rally.

Explosive growth of XRP and ADA

According to the latest analysis by popular crypto analytics platform Santiment, there has been a significant shift in market dynamics as altcoins gain increasing attention while Bitcoin calms down after its historic recovery to $98,362. Altcoins such as Ripple, Cardano, Stellar, Hedera, Mantra, and Algorand have shown notable weekly gains, with increases of 52%, 41%, 83%, 87%, 110%, and 44%, respectively.

While all eyes have been on Bitcoin making history, altcoins like XRP, Cardano, Stellar, Hedera, Mantra and Algorand are growing their respective market caps rapidly. As long as BTC holds support at ~$95,000 or higher, expect November’s gains to continue to be redistributed to altcoins. pic.twitter.com/AXNyVd46Ro

— Santiment (@santimentfeed) November 21, 2024

These trends highlight the redistribution of profits from Bitcoin to altcoins, driven by increased social volume and renewed investor interest. Bitcoin’s ability to hold its critical support at $95,000 will be key to determining whether this altcoin momentum persists throughout November.

In addition to the redistribution of Bitcoin’s profits, it’s also important to note that SEC-flagged altcoins rebounded after Chairman Gary Gensler revealed he would step down in January. A vocal critic of crypto industry practices, Gensler’s departure follows President-elect Donald Trump’s promise to remove him if re-elected.

For example, XRP’s latest surge helped it regain $1.4, a level not seen since May 2021, fueled by hopes of a resolution of Ripple’s ongoing legal battle with the SEC.

Meanwhile, Cardano’s ADA hit a high of $0.86, marking its highest level since April 2022.

Ethereum price bounces

Amid this broader altcoin rally, Ethereum has rallied to $3,360, with on-chain data suggesting increased trading activity. Santiment’s dashboard reveals significant Ethereum deposits on centralized exchanges such as Binance and Deribit. This trend usually indicates potential sales or strategic reallocations by high net worth traders.

Notable inflows from major wallets further highlight Ethereum’s role in the ongoing market recalibration. While Bitcoin continues to flirt with breaking its all-time high, Ethereum and other altcoins are benefiting from profit-spinning and renewed speculative interest. There is a market-wide shift as traders diversify portfolios and explore opportunities beyond the domain of Bitcoin, signaling a potentially prolonged altcoin season.

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