The global crypto market capitalization (market cap) recorded an all-time high of US$3.44 trillion (Rp54,352 trillion) on Friday, November 22, 2024.
The global crypto market capitalization (market cap) hit a new all-time high at US$3.44 trillion (Rp54,352 trillion) on Friday, November 22, 2024. This spike was largely driven by an increase in Bitcoin prices which reached a new peak of 99,000 US dollars (Rp1,564 billion) per BTC, boosting the digital asset’s dominance to above 60 percent. Nevertheless, altcoins like Solana (SOL), XRP, and Cardano (ADA) also showed impressive performance, some recording double-digit growth.
Solana (SOL) recently touched an all-time high (ATH) at the level of US$263 (Rp4.153 million) after recording a daily increase of 11 percent. Throughout 2024, SOL has strengthened by 160 percent. The spike was driven by applications for Solana-based Exchange-Traded Fund (ETF) proposed by several companies, including Bitwise, Vaneck, and 21Shares.
Moreover, positive sentiment also comes after the announcement of the resignation of SEC Chair Gary Gensler, which is increasing optimism for crypto ETF approval in the future.
XRP jumped 25 percent on the same day, hitting a three-year high of $1.42. The increase was driven by hopes of a positive resolution in Ripple's long-term legal case against the SEC.
Another Altcoin that recorded significant growth was Cardano (ADA), which rose 12 percent to the level of US$0.893 (Rp14,113), the highest since April 2022. Stellar (XLM) followed XRP's lead with an 18 percent increase to US$0.288 (Rp4,550). Meanwhile, Cronos (CRO) also showed positive performance, reaching US$0.20 (Rp3,160) after a daily increase of 14 percent.
Although a number of altcoins recorded positive performance, Ethereum (ETH) and several other large digital assets are relatively slow following this upward trend. This situation shows Bitcoin dominance will continue in the market cycle this time, while "altseason" is likely to be more limited than ever before.
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