The total valuation of the cryptocurrency market reached a record high of $3.44 trillion on Friday, November 22. This surge has been primarily fueled by Bitcoin, which reached an unprecedented peak of over $99,000 while maintaining a dominance of more than 60%. Meanwhile, several altcoins are also experiencing significant movements, with many achieving double-digit increases today.
At present, Solana (SOL) stands out, achieving a new all-time high of $263 early Friday morning, with an impressive gain of 11% for the day. Notably, SOL has experienced a remarkable 160% increase year-to-date, although much of its current momentum has been attributed to speculation surrounding meme coins.
Altcoin Surge
The upward trend for Solana has been further supported by several recent applications for spot SOL ETFs from various issuers, including Bitwise, VanEck, and 21Shares.
Add to that the announcement of Gary Gensler’s impending exit from the SEC on January 20, which has significantly raised hopes for the approval of these funds.
Solana just hit a new all-time high.
Congratulations to everyone who held through the 97% drawdown over the last few years. pic.twitter.com/rJdI6x4zmt
— Anthony Pompliano (@APompliano) November 22, 2024
XRP also experienced a substantial rise today, skyrocketing 25% to reach a three-year high of $1.42 during the Asian trading session. Optimism over a favorable conclusion to Ripple’s lengthy legal dispute with the SEC has been a key factor in driving this upward momentum for the cross-border token.
Other noteworthy performers among altcoins today include Cardano (ADA), which rose by 12% to hit $0.893, marking its highest point since April 2022.
Stellar (XLM) mirrored XRP’s performance with an 18% increase, reaching $0.288 on Friday morning. Cronos (CRO) also saw notable gains, climbing to $0.20 after a 14% rise during the day.
In contrast, many altcoins—especially Ethereum—have shown slower reactions, leading to speculation that Bitcoin will maintain its dominance in this cycle and that the altseason may be less vigorous than in the past.
It’s quite possible that this upcoming altseason is very different than the ones in the past. Previous altseasons had a natural flow of $BTC –> trickling to our shitcoins. This time, the billionaires are not buying FARTCOIN. BTC stays in its lane and shitcoins theirs.
— Altcoin Sherpa (@AltcoinSherpa) November 22, 2024
Ethereum Lagging Behind?
Although Ethereum (ETH) experienced an 8% increase today, it struggled to overcome resistance, peaking at $3,418 during the rally.
ETH remains below its July high of over $3,500 and is still down over 30% from its historic max. Additionally, it is 17% off its 2024 peak of $4,070 recorded in March.
Analysts have noted that Ethereum often lags in previous cycles, suggesting that its moment will eventually arrive; however, this observation offers little solace to ETH holders who feel left out during this surge.
Image Source: Dennis Diatel / Shutterstock
