Bitcoin On Track To $100,000, Ripple Explodes 66% Weekly, Cardano Eyes $1: This Week’s Crypto Roundup

This week, the total cryptocurrency market exploded above $3.4 trillion for the first time in history, adding nearly $400 billion in the process. This is thanks to sizable gains across the board, including Bitcoin, Ethereum, Solana, Ripple, Cardano and more.

Let’s start with Bitcoin, the main cryptocurrency that has been teasing traders by reaching $100,000 for over a day now, getting closer and closer. At the time of writing, it’s trading just under $99,000, less than two percent away from $100,000.

That said, Bitcoin isn’t off to the greatest start this week. This title belongs to none other than Ripple’s XRP. The cryptocurrency exploded more than 66% in a huge rally fueled by what appears to be the biggest news of the week. Of course, I’m talking about the latest thread from the chairman of the US Securities and Exchange Commission (SEC) – Gary Gensler. Remember when he was campaigning at the Bitcoin 2024 conference earlier this year, President-elect Donald Trump promised to fire him on his first day in office. Well, you won’t have to.

Gensler said he would resign his position on the same day Trump was inaugurated, January 20, 2025. This sent the market slightly higher, but XRP benefited the most. It is up more than 30% in the last 24 hours after the news.

Another cryptocurrency that performed very well is Cardano’s ADA – it’s up almost 45% in the past week and is currently looking at $1.

All in all, it has been an incredibly bullish week for the entire industry, with many other altcoins also posting significant gains. For example, Solana (SOL) broke its all-time high and rose more than 20%. Avalanche’s AVAX is up more than 25%, and so on.

All eyes are currently on Bitcoin and whether or not it will be able to break $100,000. This is an important psychological level that the entire industry has been waiting for for some time, and many experts seem to think that there will be a correction after that. They seem to think it’s a huge level of profit taking.

Regardless of what happens next, one thing’s for sure: we’re in for a wild ride, so stay tuned!

Market data source: Quantify Crypto

Market capitalization: $ 3.42 thousand | 24 Hour Flight: $291 million | BTC Domain: 57%

BTC: $98,635 (+11.1%) | ETH: $3,309 (+9%) | XRP: $1.46 (+68%%)

This week’s crypto headlines you can’t miss

MicroStrategy Announces Another Massive BTC Purchase for Over $4.5 Billion. Another week, another massive buyout of the Saylor-led business intelligence company. This time, MicroStrategy broke the record for the largest BTC purchase as it allocated more than $4.5 billion to accumulate 51,780 BTC. His stash has skyrocketed to over 330,000 BTC now.

Bitcoin market cap approaching $2 trillion, targeting Amazon and Alphabet. The week saw several consecutive all-time highs, as mentioned above, for bitcoin, with the latest (currently) pushing the asset to $99,500. Its market capitalization soared to nearly $2 trillion, cementing its position as the world’s seventh-largest asset.

Stablecoin Supply Hits Record $176.2 Million Amid Market Recovery. The record week saw several peaks across various asset classes. Global stablecoin supply topped $176 billion for the first time, with Tether’s USDT and Circle’s USDC leading the pack. The market capitalization of the former now stands at more than $130 billion, while that of the latter does not exceed $40 billion.

Supply Shock: Bitcoin ETFs absorbed 9,000 BTC daily while only 450 were mined. Investors continue to accumulate BTC through US spot Bitcoin ETFs. On November 19 alone, 9,000 BTC were bought via ETFs in the United States, while the daily amount of newly mined BTC is around 450. This has led to much speculation about a supply shock.

Ripple Whales and Sharks Buy While Retail – Bullish for XRP? Ripple’s native token has been at the forefront of price increases this week, gaining more than 60% since last Friday. A recent report indicated that this rally was driven by whales and sharks buying XRP tokens, mainly from retail investors trying to take some profits off the table.

SEC Chairman Gary Gensler confirms he will step down in January. Perhaps the biggest reason for the aforementioned XRP price surge came Thursday evening when current SEC Chairman Gary Gensler said he will be leaving the agency in mid-January. This was considered a bullish development for many tokens, mainly XRP, due to the SEC’s ongoing war against certain companies, such as Ripple.

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This week, we have a chart analysis of Ripple, Cardano, Optimism, Solana and Dogecoin – click here for the full price analysis.

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