Solana Hits ATH, XRP Rises 25%

The crypto market capitalization rose to an all-time high of $3.44 trillion on Friday, November 22. It has been driven primarily by Bitcoin, which surged above $99,000 to a new all-time high as its dominance remains high above 60%. However, several altcoins are also making big moves, with many showing double-digit growth today.

Solana (SOL) is the highlight right now, hitting an all-time high of $263 on Friday morning, after an 11% gain on the day. In addition, SOL has gained 160% so far this year. However, the momentum of the network has been largely driven by meme coin degens.

Altcoins wake up

Solana’s momentum has also been fueled by several spot SOL ETF applications from issuers, including Bitwise, VanEck and 21Shares, this week.

It has also been bolstered by the news of Gary Gensler’s departure from the SEC on January 20, which has greatly increased the odds of these funds being approved.

Solana just reached a new all-time high.

Congratulations to everyone who endured the 97% reduction over the last few years. pic.twitter.com/rJdI6x4zmt

— Anthony Pompliano (@APompliano) November 22, 2024

XRP was also on fire today, rising 25% on the day to hit a three-year high of $1.42 during the Asian trading session on Friday. Hopes that Ripple’s multi-year legal battle with the SEC will be resolved positively have recently boosted the cross-border token.

Other altcoins outperforming today include Cardano (ADA), which gained 12% to top $0.893, the highest since April 2022.

Stellar (XLM) mirrored XRP’s move with an 18% move to $0.288 on Friday morning. Cronos (CRO) was also doing well, reaching $0.20 after a 14% daily gain.

Most altcoins, but mainly Ethereum, have been slow to react, leading to speculation that in this cycle, Bitcoin will remain dominant and that the alt season may be muted.

It’s quite possible that this upcoming alternate season will be very different from those of the past. Previous seasons had a natural flow of $BTC –> drip into our crap coins. Billionaires are not buying FARTCOIN this time. BTC stays in its lane and struts its stuff.

— Altcoin Sherpa (@AltcoinSherpa) November 22, 2024

Ethereum left behind?

Despite an 8% gain on the day, ETH failed to break the resistance and only managed to reach $3,418 during the rally.

ETH has yet to reach its July levels of over $3,500 and remains more than 30% below its all-time high. It is also down 17% from its 2024 high of $4,070 in March.

Analysts have noted that Ethereum has typically lagged behind in previous cycles, and its time will come; however, this is of little consolation to ETH holders who are currently lagging behind.

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