“The Shift to Altcoins Begins as Gensler’s Exit Date Approaches in the Americas.”

Crypto Market Update – November 22, 2024

As Bitcoin inches closer to the critical $100,000 milestone, alternative cryptocurrencies are seeing an uptick, supported by growing optimism for the regulatory environment under the incoming Trump administration. Here’s an overview of the latest market movements and key developments:

Latest Prices:

• CoinDesk 20 Index: 3,273.75 (+7.19%)
• Bitcoin (BTC): $98,833.89 (+1.06%)
• Ether (ETH): $3,356.95 (+1.95%)
• S&P 500: 5,948.71 (+0.53%)
• Gold: $2,707.27 (+1.42%)
• Nikkei 225: 38,283.85 (+0.68%)

Key Highlights:

Bitcoin Nears $100,000

Bitcoin has nearly reached the $100,000 mark, briefly touching $99,500 on Thursday before settling just below $99,000. Over the past 24 hours, Bitcoin saw a modest increase of 1%, and the broader crypto market, represented by the CoinDesk 20 Index, gained over 7%. While Bitcoin’s momentum is starting to slow, altcoins are beginning to outperform, signaling a rotation of capital into smaller, riskier assets as Bitcoin’s rally faces resistance around the $100,000 level. Some analysts expect Bitcoin to push further toward $115,000 by year-end, supported by increasing stablecoin supply, ETF inflows, and bullish options activity surrounding BlackRock’s Bitcoin ETF (IBIT).

Altcoins Surge Amid Regulatory Optimism

As regulatory conditions become more favorable, altcoins have begun to outperform. With Gary Gensler’s resignation from the SEC in January 2025, many in the industry expect the agency’s new leadership under President-elect Donald Trump to adopt a more crypto-friendly approach. This has sparked a rally in smaller tokens like XRP, which surged 33% in 24 hours, and Cardano (ADA), which rose 15%. Solana (SOL) also saw a significant spike, reaching new all-time highs above $260, surpassing its 2021 peak.

Institutional Adoption Grows

The increasing institutional embrace of digital assets is evident as Charles Schwab, a major financial services firm, announced plans to offer direct crypto services to its users. The company’s incoming CEO, Rick Wurster, expressed confidence that regulatory changes will soon facilitate this shift. Additionally, Bitwise, a leading digital asset manager, has joined the competition to launch a U.S.-based Solana ETF, reflecting growing institutional interest in cryptocurrencies.

Record Trading on Decentralized Exchanges (DEXs)

Volumes on decentralized exchanges (DEXs) have surged, hitting a record $72.6 billion last week, with Raydium, a Solana-based DEX, accounting for nearly half of the total. This surge in DEX activity is driven by the anticipation of a regulatory shift under the incoming Trump administration, which could lead to greater acceptance of crypto assets.

Conclusion

As Bitcoin approaches $100,000 and altcoins gain momentum, the crypto market is witnessing an exciting period of growth. The expected regulatory changes under the new U.S. administration are fueling optimism, especially for smaller tokens and institutional adoption. With Bitcoin still on track for a potential rally to $115,000, the market is poised for more developments as the year wraps up.