Altcoins Rally Amid Gary Gensler's SEC Exit, Market Hits $3.44T
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Solana Shines Amid ETF Hopes
Solana (SOL) led the charge, climbing to an all-time high of $263 after gaining 11% in a single day and 160% year-to-date. This surge was fueled by announcements of multiple applications for spot SOL ETFs from Bitwise, VanEck, and 21Shares, coupled with the anticipated departure of SEC Chair Gary Gensler in January, which boosted market optimism.
XRP, Cardano, and Stellar Among Top Gainers
Ripple's XRP spiked 25% to hit a three-year high of $1.42 during Asian trading hours. The momentum came from optimism surrounding Ripple's ongoing legal battle with the SEC. Similarly, Stellar (XLM) mirrored XRP’s move, rising 18% to $0.288. Cardano (ADA) also gained traction, climbing 12% to $0.893, its highest since April 2022.
Cronos (CRO) joined the rally, achieving a 14% daily gain to hit $0.20.
Ethereum Still Lags
While Ethereum (ETH) saw an 8% gain, it failed to break past $3,418, falling short of its 2024 high of $4,070 in March. Analysts noted Ethereum’s tendency to lag in previous cycles, suggesting that its rally might still be on the horizon.
What’s Next?
The altcoin rally underscores shifting sentiment as regulatory changes and institutional interest continue to shape the crypto market. However, Bitcoin’s dominance raises questions about whether this altseason will be as pronounced as previous cycles.