Bitcoin (BTC) Nears $100K, But Dominance Declines as Alts Make Double-Digit Gains. Is This the Start of Altcoin Season?
Bitcoin (BTC) is firmly on its way to $100,000 after setting a new ATH of $99,655. BTC may soon reach this critical level, but its dominance has slightly declined after reaching a 60.58% peak recently. As Bitcoin Dominance (BTC.D) slows, large-cap altcoins are stepping in, making double-digit daily gains. Could this be the start of the altcoin season?
BTC set a new all-time high yesterday after news surfaced the previous night that Gary Gensler, Chairman of the US SEC, will resign on January 20, 2025 – Trump’s first day of his second term as President of the USA. The news triggered a price surge, with large-cap altcoins such as XRP, DOGE, ADA, and XLM making double-digit daily gains.
Bitcoin Dominance Peaks, Altcoins Step In
BTC.D recently reached a high of 60.1% but has declined since, and top altcoins are stepping up to claim their share of the total market capitalization of cryptocurrencies.
Looking at the chart below, we see the Altcoin Season Index measures at 32, moving out of Bitcoin Season territory. At the same time, the altcoin market cap reached $1.39 trillion, which is very close to entering the altcoin season territory.
Source: Coinmarketcap
Bitcoin Dominance is a metric measuring BTC’s relative share or dominance in the overall crypto sector. This measure represents the percentage of Bitcoin’s total market cap compared to the total market cap of all cryptocurrencies combined. The Altcoin Season Index, on the other hand, provides real-time insights into whether the crypto market is currently in Altcoin Season. The Index is based on the performance of the top 100 altcoins relative to BTC over the past 90 days.
Large Cap Altcoins Witness Price Surge
With the altcoin season nearing, investors have shifted their focus away from Bitcoin to smaller projects, leading to a surge in the prices of altcoins. Several positive news events have resulted in a bullish week for crypto, the most notable being Gary Gensler, Chair of the SEC’s impending resignation.
Cross-Border Payment Networks Ripple (XRP) and Stellar (XLM) Surge
Ripple (XRP) has witnessed one of its best trading days, and its price gained over 12% in the past week. Ripple Labs has been embroiled in a highly publicized legal battle with the securities agency for which Ripple (XRP) paid a hefty price. In 2020, the regulator sued Ripple for its supposed breach of securities laws, resulting in many exchanges, such as Coinbase, Kraken, Bitstamp, and Gemini, choosing to delist XRP. Ripple finally found some relief after a partial victory in 2023 brought an end to the SEC’s 3-year-long crusade against the company. The Southern District of New York Court delivered a partial victory to Ripple in its matter with the SEC after Judge Analisa Torres ruled that Ripple’s XRP token is “not necessarily a security on its face.”
XRP’s price gained over 57% in the past week, reaching a day-high of $1.62. XRP’s total market cap increased to $88.89 billion, and its 24-hour trading volume surged over 234% after the SEC announced Gensler’s early. XRP currently trades at $1.56.
The Stellar network is similar to the Ripple ($XRP) network – a decentralised payment platform and cryptocurrency that facilitates quick and low-cost cross-border payments, promoting financial inclusion for individuals and businesses globally. The Stellar network was created to support digital representations of any currency but has its native token called Lumens (XLM). Developed as a fork of the Ripple protocol, Stellar aims to create a global network connecting financial institutions, payment processors, and individual users, making cross-border money transfer easier and providing access to essential financial services.
Stellar’s XLM gained over 58% in the past day to trade at $0.4516. XLM gained over 194% in the seven-day charts to become one of the top trading altcoins.
XRP and XLM are expected to play significant roles in the new global financial system, with XRP uniquely designed to optimize institutional liquidity for cross-border transactions. XLM’s infrastructure, on the other hand, was built to facilitate peer-to-peer transactions and retail-level remittances efficiently. Financial experts envision a two-tiered monetary framework using XRP and XLM at different levels for specific purposes.
Cardano (ADA) Weekly Active Addresses Cross 350K
Cardano (ADA) is another major gainer in recent weeks after Donald Trump’s election victory. On-chain metrics show Cardano’s weekly active addresses elevated since the crypto market rally triggered by Trump’s win on November 6 began. The surge in network usage, coupled with whale buying activity, has resulted in a very bullish outlook for ADA.
ADA further surged after the Cardano Foundation, developers of the Cardano blockchain, released an updated proposal for the Cardano Constitution to improve network governance. The revised proposal includes changes to constitutional workshops, social media discussion, and expert and community feedback. The changes aim to “improve the accessibility and clarity of the Cardano governance framework,” shifting its focus to a less technical audience. Cardano’s ADA is up over 27% in the past 24 hours, with a 51% weekly gain.
Interest in Cardano (ADA) surged after its founder, Charles Hoskinson, revealed plans to help shape US crypto policy under Donald Trump’s incoming administration. All in all, ADA has gained over 221% in the past month, and its outlook appears highly positive.
Dogecoin (DOGE) Crosses $0.40 in Reaction to Gensler News
Dogecoin (DOGE) reached a three-year peak on November 12 after Donald Trump announced Elon Musk’s involvement in the proposed Department of Government Efficiency (DOGE) under his upcoming administration. DOGE surged 185% between November 5 and November 12 before a 13% dip in the days after. DOGE, however, reclaimed its $0.40 position after the news of Gensler’s imminent departure was confirmed. DOGE gained over 18% in the past day and is currently trading at $0.4629.
Husky Inu (HINU) Likely to Benefit on Timing
Market onlookers and crypto enthusiasts reacted positively to the end of Gary Gensler’s brutal and belligerent regime. Under Gensler, several large crypto firms and prominent industry figures faced regulatory scrutiny and enforcement action, which drove many to seek refuge off US shores. Donald Trump won the hearts of a large part of the industry with a promise to make the US the world’s crypto capital, and the relief brought by this promise is reflected in current market behaviour.
The renewed optimism toward digital assets will likely benefit new projects as investors regain trust and confidence in the industry.
Husky Inu (HINU), the latest memecoin sensation from the Solana network, will surely reap the rewards of industry news. Husky Inu recently launched the presale of its native token, HINU, with tremendous success, and the two are on a mission to conquer the memecoin industry through a robust and supportive community with innovative features and enhanced rewards.
Since going live, the presale has generated over $565,000, with numbers expected to rise rapidly as the crypto market explodes. Husky Inu is working on some exciting things, including an Earn App and a Decentralized Exchange. The Earn App will reward users with HINU tokens for engaging with the project, and the Decentralized Exchange will facilitate decentralized trading to improve utility and value for HINU holders. Husky Inu boasts several unique features that set it apart from traditional investment opportunities, including a capped token supply, a deflationary mechanism, speedy transactions, and charity voting.
Join the HINU presale now to enjoy the immense potential of the burgeoning crypto sector.
Visit the following links for more information on Husky Inu:
Website: Husky Inu Official Website
Twitter: Husky Inu Twitter
Telegram: Husky Inu Telegram
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
