Written by: 1912212.eth, Foresight News
Although Bitcoin has been stuck at the $100,000 mark, funds have obviously flowed into the altcoin market. Data shows that Bitcoin's market share has dropped to 55.25%, while Ethereum has risen to 12.74%. The ETH/BTC exchange rate has remained stable above 0.037, and other altcoins with smaller market capitalizations have begun their performance moments.
In the public chain sector, ADA rose again by more than 15% today, and the price is around $1.3. The weekly chart has a rare five-day rise, and has achieved a return of more than 400% from the bottom of $0.3. FTM rose by more than 17% today, and the price is around $1.2. AVAX rose by more than 10% today, and the increase in 7 days exceeded 20%. XRP rose by more than 85% in 7 days, and the current price is $2.7.
The ONDO sector in the RWA field even set a historical high, currently quoting at $1.65, with a 24-hour increase of over 35% and a 7-day increase of over 64%. In the DeFi sector, LINK rose by 24.49%, MKR by 16.08%, and AAVE also recorded an increase of over 11%.
Why is the market rallying?
Tether has minted an additional 16 billion USDT on the Ethereum and TRON chains.
Lookonchain monitoring shows that Tether Treasury minted an additional 1 billion USDT around 6 AM today. Since November 6, Tether Treasury has minted a total of 16 billion USDT on the Ethereum and Tron chains.
The market cap of USDC has also risen from $15 billion at the beginning of this month to around $40 billion.
Currently, the total market cap of stablecoins has risen above $19.39 billion, setting a new historical high, with a total increase of 2.3% over the past 7 days.
The continuous growth of stablecoin market cap represents that incremental funds are still entering the market to chase tokens of projects with smaller market caps. After the new projects are favored, old projects also welcome their spring.
The shift in U.S. regulatory policy is positive.
Bitwise CEO Hunter Horsley recently stated, 'In the past 30 days, Coinbase's market cap increased by about $30 billion, and XRP's market cap increased by about $100 billion. The shift from regulatory resistance to favorable regulation in the U.S. is one of the biggest and most important structural catalysts we've seen in the crypto space. Its impact is just beginning.'
Trump is set to officially take office as the next president on January 20 next year, but he has been frequently active in personnel arrangements recently, planning to expand the CFTC's regulatory authority over the crypto market and delineate the responsibilities between the CFTC and SEC. Additionally, according to sources cited by FOX Business reporters, Trump will announce the successor to the SEC chairman tomorrow.
Since SEC Chairman Gary Gensler announced his resignation when Trump takes office, the market has been eagerly anticipating the SEC's successor. Although the specific candidate remains unknown, the market generally believes that the next SEC chairman will shift from a strict approach to a more crypto-friendly stance.
Careful market investors have noticed that leading coins like ADA and XRP are benefiting from the shift in U.S. policy and soaring. Positive news continues to emerge, with WisdomTree submitting an XRP ETF S-1 registration to the SEC. ADA has also been listed on Robinhood US alongside XRP and SOL.
As early as November 25, DWF founder Andrei Grachev analyzed that the U.S. election has a huge impact on the market, and in the short term, domestic projects and top VCs in the U.S. will be the most profitable.
Inflow of buying power in the South Korean market
The level of speculative trading in South Korea was already world-renowned during the last bull market cycle. Recently, as the market continues to rise, buying power from South Korea is pouring in.
On the South Korean major cryptocurrency exchanges Upbit and Bithumb, the number of user accounts aged 60 and above reached 775,700 (as of the end of September), an increase of 30.4% compared to the end of 2021. This age group holds a total of 6.7609 trillion won in cryptocurrency assets, with an average investment amount of about 8.72 million won. Meanwhile, the five major banks in South Korea have a balance of 592.67 trillion won in demand deposits, a decrease of 26.95 trillion won since the end of June, hitting a new low since January this year.
In November 2024, CryptoQuant data shows that the total monthly trading volume of stablecoins at Korea's top five CEXs—Upbit, Bithumb, Coinone, Korbit, and GOPAX—is approximately 16.17 trillion won ($11.5 billion). This figure includes the total trading volume of stablecoins such as Tether (USDT) and USDC issued by Circle, and it has increased 7 times compared to about 2 trillion won recorded at the beginning of the year. This is also the first time that South Korea's monthly stablecoin trading volume exceeded 10 trillion won.
XRP is seeing a frenzy of buying. Ryan Kim, a partner at South Korea's largest crypto venture capital firm Hashed, stated on social media that in 2014, Ripple Labs sold XRP in South Korea through the 'Ripple Market Korea' project in a Ponzi scheme manner, attracting a large number of Korean investors. These early investors may have already achieved substantial returns, and there is a real XRP community in South Korea, which is why many Koreans are purchasing XRP.
CoinGecko data shows that the 24-hour trading volume of South Korea's CEX Upbit reached $18.449 billion, ranking second among CEXs, while the top CEX Binance recorded a trading volume of $50.572 billion yesterday.
The Trump effect, combined with expectations of interest rate cuts, has accelerated the transfer of funds from banks to risk assets in South Korea.
Summary
Bitcoin spot ETF inflows in November alone reached $6.5 billion, setting a historical high and far exceeding any other month this year. Currently, BTC prices are continually supported by spot ETF purchases, with a large amount of capital flowing from Bitcoin and Ethereum into various sectors and both new and old projects. Matrixport analysis indicates that if Trump successfully nominates the Treasury and SEC, the narrative in the crypto market may evolve into a DeFi revival. The crypto market may maintain a trend of fluctuating upward until Trump officially takes office.
