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Bitcoin is on the brink of reaching six figures for the first time, continuing its record-breaking rally. While this milestone marks a historic moment for the world’s largest cryptocurrency, altcoins are also basking in the spotlight with remarkable gains of their own.
XRP and ADA are two top altcoins that have emerged as this extended rally’s biggest gainers.
XRP and ADA’s Explosive Growth
According to the latest analysis by popular crypto analytic platform Santiment, there has been a significant shift in market dynamics as altcoins capture growing attention while Bitcoin calms after its historic rally to $98,362. Altcoins such as Ripple, Cardano, Stellar, Hedera, Mantra, and Algorand have demonstrated remarkable weekly gains, with increases of 52%, 41%, 83%, 87%, 110%, and 44%, respectively.
While eyes have been on Bitcoin making history, altcoins like XRP, Cardano, Stellar, Hedera, Mantra, and Algorand are growing their respective market caps rapidly. As long as BTC maintains a ~$95K+ support , expect November profits to continue redistributing to altcoins. pic.twitter.com/AXNyVd46Ro
— Santiment (@santimentfeed) November 21, 2024
These trends highlight the redistribution of profits from Bitcoin to altcoins, driven by heightened social volume and renewed investor interest. Bitcoin’s ability to maintain its critical support at $95,000 will be key in determining whether this altcoin momentum persists throughout November.
In addition to the redistribution of profits from Bitcoin, it is also important to note that altcoins flagged by the SEC rallied after Chair Gary Gensler revealed he would step down in January. A vocal critic of the crypto industry’s practices, Gensler’s departure follows President-elect Donald Trump’s pledge to remove him if reelected.
For instance, XRP’s latest surge helped it reclaim $1.4 – a level not seen since May 2021, fueled by hopes for resolution in Ripple’s ongoing legal battle with the SEC.
Meanwhile, Cardano’s ADA reached a high of $0.86, marking its highest level since April 2022.
Ethereum’s Price Rebounds
Amid this broader altcoin rally, Ethereum has rebounded to $3,360, with on-chain data suggesting increased trading activity. Santiment’s dashboard reveals significant Ethereum deposits into centralized exchanges like Binance and Deribit. Such a trend typically indicates potential sell-offs or strategic reallocations by high-net-worth traders.
Notable inflows from top wallets further highlight Ethereum’s role in the ongoing market recalibration. While Bitcoin continues to flirt with breaking its all-time high, Ethereum and other altcoins are benefiting from profit rotation and renewed speculative interest. There is a market-wide shift as traders diversify portfolios and explore opportunities beyond Bitcoin’s dominance, signaling a potentially prolonged altcoin season.
This article first appeared at CryptoPotato
