Each generation has its legends. The puppet and foolish Biden administration is about to come to an end. The crypto-friendly policies of Trump have caused the entire crypto market cap to repeatedly hit new highs even before he takes office, and optimistic public sentiment has pushed market emotions towards a further blue ocean.
When a whale falls, everything comes to life. The current SEC chairman Gary Gensler announced he would automatically resign before Trump's administration officially begins, specifically before January 20, 2025. Unintentionally, Trump’s crypto campaign declaration has already accomplished a task ahead of time. Gary Gensler is like the largest 'blue whale' in the crypto ecosystem; other crypto entities tremble in its presence due to its status and power. Sunlight (policy) and nutrients (funding) have been hard to reach the depths of crypto, but now the situation has changed. With the fall of the blue whale, past regulatory constraints have loosened, and troublesome lawsuits have been withdrawn. Besides Bitcoin and Ethereum (which remain outside the securities classification during Gary Gensler's tenure and have approved ETF applications), other crypto projects have gained their own blessings, especially some established blockchain projects (altcoins), such as:
$XRP: Increased by 74.5% in the past 7 days, currently with a market cap of $137.4 billion, ranking 3rd.
$ADA: Increased by 16% (7 days), currently with a market cap of $40.5 billion, ranking 8th.
$SHIB: Increased by 24% (7 days), currently with a market cap of $18.4 billion, ranking 11th.
$LTC: Increased by 34% (7 days), currently with a market cap of $9.6 billion, ranking 19th.
$HBAR: Increased by 69% (7 days), currently with a market cap of $9.1 billion, ranking 21st.
$FIL: Increased by 31% (7 days), currently with a market cap of $4.4 billion, ranking 34th.
$ALGO: Increased by 86% (7 days), currently with a market cap of $4.16 billion, ranking 36th.
$EOS: Increased by 44% (7 days), currently with a market cap of $1.7 billion, ranking 65th.
$DASH: Increased by 61% (7 days), currently with a market cap of $645 million, ranking 137th.
BTC's market share has dropped from 60% over the past month to below 57% (currently at 56.7%). Analysts predict that BTC's market share seems poised to break its multi-year support trend line. Additionally, ETH's market share has also fallen to 12.9%, while other cryptocurrencies' market share has risen to 31.5%, up from 28.1% last month. Analysts indicate that the significant drop in BTC's market share has notably impacted market sentiment, suggesting that the altcoin season has arrived.
Especially the strong rise of the established public chain Ripple, which has exceeded a 380% increase within a month of the last bull market. Its current market cap has reached $141.6 billion, surpassing USDT's $134.2 billion, making it the third-largest cryptocurrency by market cap. Long-term holders of XRP are now louder, showcasing their achievements has become a business card in social circles.
The rise of XRP began on November 5, when Trump won the election; past lawsuits and regulations that weighed on Ripple were suddenly released, and each day thereafter has visibly strengthened like a recovering body. Ripple has begun actively seeking cryptocurrency spot ETFs outside of Bitcoin and Ethereum, with currently popular candidate tokens including SOL, DOGE, XRP, and more.
Of course, Bitcoin's attempt to break through the $100,000 mark has failed, and the continued strength of the dollar may have led to discussions about a 'cooling' Bitcoin market. Speculators who buy on the rise rather than on the dip and short-term profit-seekers have shifted their attention to meme coins and altcoins. The probability of the Federal Reserve lowering interest rates by 25 basis points in December is 67.1%. Trump's business governance and internal circulation need economic stimulus as a source, making rate cuts a reality. Inflation and capital preservation funds are rushing into crypto. Meme coins are primarily held by retail investors and short-term whales, but established altcoins with functional products and low price-to-value ratios seem more suitable for institutional investment. They accumulate low-priced high-value tokens amid price tides and are poised for sale at different stages of a bull market. Altcoins are not afraid of sustained low prices but fear being overlooked. The sudden influx of capital can lift long-buried tokens out of the sand and allow them to gaze at the stars.
Is the spring of altcoins about to arrive, bringing the beauty of rising prices whether awake or asleep? We shall see!
