Altcoins Take the Spotlight as Crypto Market Shifts
With Bitcoin failing to surpass the psychological barrier of $100,000, the balance in the crypto market shifted toward altcoins over the weekend. Ripple emerged as the market’s rising star, overtaking Tether and Solana in market capitalization.
As the crypto market closed November on a positive note, speculation has grown about the trends that will shape the final month of the year. While Bitcoin struggled to breach the $100,000 psychological threshold, popular altcoins capitalized on the moment, showing notable gains. Meanwhile, recent data indicates that spot crypto trading volume in November reached $2.71 trillion, doubling on a monthly basis and marking the highest level since May 2021.
Reflecting on these developments, Kafkas Sönmez, CEO of Gate.TR, stated, “Not only have we seen record volumes in the spot market, but Bitcoin and Ethereum futures have also recorded their highest activity since May 2021. The market is experiencing an inflow of new capital, propelled by the momentum generated after election results became clear. Although the momentum remains strong, its direction can shift. Altcoins such as Solana, Ripple, and Ethereum made headlines with significant price movements in the final days of November.”
Ripple: The Rising Star
Ripple emerged as the star performer of late November, buoyed by the announcement of SEC Chair Gary Gensler‘s departure date. The altcoin surged over 20% during the weekend, posting weekly gains of over 75% and a staggering 30-day increase of 350%. Ripple’s market capitalization climbed past Tether (USDT) and Solana (SOL), making it the third most valuable cryptocurrency globally.
Commenting on Ripple’s remarkable ascent, Sönmez highlighted, “Ripple’s native token, XRP, has distinguished itself as the altcoin most responsive to developments in the U.S. regulatory environment. The SEC’s lawsuit against Ripple remains in the appeals phase, but speculation that Gensler’s exit could lead to the charges being dropped has fueled optimism. Ripple crossed the $2 mark for the first time since 2018 and surpassed $2.50 shortly afterward. Adding to the excitement is Ripple’s potential entry into the stablecoin market with RLUSD, announced earlier this year. Ripple’s recent rally has significantly altered the altcoin landscape.”
Bitcoin Stymied by Sell Orders at $100,000
The growing interest in altcoins can also be attributed to the resistance Bitcoin faces in surpassing $100,000 due to a substantial sell wall. Sönmez noted, “Ethereum, too, has seen notable activity, with spot Ethereum ETFs recording unprecedented inflows, pushing the cryptocurrency to its highest levels in six months. Altcoin activity has surged as investors grow more confident in their potential. Analysts estimate that Bitcoin’s path to $100,000 is blocked by $384 million worth of sell orders. Every upward movement is met with profit-taking from investors, who then channel their gains into altcoins. This rotation explains the drop in Bitcoin dominance from 61.5% on November 21 to 56.5% by the end of the month.”
“Not a Time to Trade, but to Observe”
Concluding his insights, Sönmez emphasized the unique challenges of bull markets: “While Gate.TR marks its second anniversary in Turkey with robust growth, we see this period as one of observation rather than active trading. Contrary to popular belief, rising markets can be as psychologically taxing for investors as declining ones. Excessive portfolio reshuffling can lead to missed opportunities or losses, even in an upward market. Investors should adopt a balanced strategy, aligning their portfolios with trusted altcoins while staying alert to market dynamics. A calm, calculated approach that incorporates profit-taking and rotation strategies is the most prudent way forward.”
As a licensed crypto asset service provider listed by Turkey’s Capital Markets Board (SPK), Gate.TR continues to empower investors with a broad range of cryptocurrencies and insightful guidance, helping them navigate the complexities of the market with confidence.
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