$XRP leads the way, old coins are rejuvenating: The trend of altcoins is about to rise
On November 22, the SEC's official website showed that Gary Gensler will officially step down on January 20, 2025. The market is beginning to look forward to changes in the future regulatory environment, believing that lawsuits against companies like Ripple may ease, settle, or even be withdrawn.
Gary has always been strict with the crypto industry, especially with Ripple, which has kept XRP in a dual predicament of legal and market challenges. Now, there may be signs of a loosening regulatory stance, and the market is starting to reassess XRP's value.
From the data, the open interest in XRP futures contracts has approached $2.44 billion, setting a new historical high, indicating that the market's speculative enthusiasm for XRP is particularly high.
Institutions have also begun to position themselves for XRP ETFs. Institutions such as Bitwise, Canary Capital, Grayscale, and 21Shares have all submitted applications for XRP ETFs to the US SEC, aiming to provide investors with a channel to invest in XRP.
Can altcoins return this time?
The CMC cryptocurrency altcoin season index can assess in real-time whether the market is currently dominated by altcoins. This index looks at the performance of the top 100 altcoins relative to Bitcoin over the past 90 days.
From the index, the market is still primarily dictated by Bitcoin, and altcoins have not fully gained the upper hand. However, the altcoin season index has slowly climbed from its low point over the past 7 days, particularly jumping to 28 on the 21st, indicating that the market's interest in altcoins is returning.
Compared to historical data, although the current index has not yet reached the annual high of 50, it has risen significantly from the low point of 13 at the beginning of the month. This upward trend may indicate that market funds are shifting from mainstream assets like Bitcoin to altcoins. Particularly, with XRP and ADA performing so well recently, this trend may become more pronounced.
However, based on the performance of the top 100 over the past 90 days, meme coins, due to their strong speculation and social drive, still find it difficult to shake their market position in the short term.
Finally, the test of a bull market is not just about price fluctuations but also a test of our mindset. In the face of account changes, we must remain rational. Next, I will announce the potential tenfold coin! It's better to grasp than to guess! Like + comment, feel free to share.
