Updates on the Altcoin Market: Cardano and XRP postpone Bitcoin's $300,000 breakout
On Friday, markets responded favorably to news of SEC Chair Gary Gensler's impending departure, leading to $230 million in capital inflows into the worldwide cryptocurrency industry. Altcoins, especially those that have struggled in the last few years due to the stringent regulation imposed by the Gensler-led SEC regime, seem to be the darlings of traders judging by the price swings seen in the past day.
The price of Cardano reached its highest point since November 2021 on Friday, when it climbed 35% and was trading around $1. According to market rumors, the ADA rise is connected to Gary Gensler's impending departure and the possibility of Caradano collaborating with the next Trump government.
With a 36% increase in the last two days, Ripple (XRP) also reached new annual highs at $1.45 on Friday. Because of the current dispute between Ripple Labs and the SEC, traders are placing long bets on XRP in the hopes that it will be dismissed when Gensler retires on January 20.
Additionally, the price of dogecoin broke out of a 10-day consolidation phase and recorded gains of 13% during the 24-hour period.
This may be used as a stand-in for tracking the purchasing and selling patterns of whales in relation to important market occurrences.
Cardano whales have amassed 67.51 million ADA, or almost $65 million as of November 21, according to the data.
This is especially noteworthy since it is the biggest single-day arrival of whales in 60 days, beginning on September 23.
An uptick in whale accumulation like this indicates that the biggest players in the Cardano network are starting to feel more optimistic.
The ADA price has the potential to rise over $1 in the near future if ordinary traders collectively follow this trend.
The impending reforms at the SEC are anticipated to significantly alter bitcoin rules as well as the overall financial environment, making his choice all the more significant.
