Crypto Quill

The global cryptocurrency market has been in the midst of a thrilling rally, with a massive surge in market capitalization. On Friday, the sector saw a $230 billion increase, pushing the total market cap to an impressive $3.29 trillion. This surge follows a week of remarkable growth, as altcoins like XRP, Cardano, and Dogecoin gained traction, momentarily delaying Bitcoin’s push towards the much-anticipated $100,000 price level.

Altcoins Surge Amid Market Shifts

The past 24 hours saw a flurry of activity in the altcoin market, particularly for coins that have underperformed in recent years. A major factor fueling this momentum is the news surrounding SEC Chair Gary Gensler’s imminent departure, which has sparked a sense of optimism for cryptocurrencies previously hindered by intense regulatory scrutiny under his leadership.

Cardano (ADA) led the charge with a dramatic 35% price surge, reaching its highest point since November 2021. ADA briefly grazed the $1 mark, trading at $0.97 by the end of the day. Speculation surrounding the potential impact of Gensler’s exit, coupled with rumors of a collaboration between Cardano and the incoming Trump administration, appears to be fueling this rally.

• Cardano’s 35% rally: ADA surges to its highest point since November 2021.
• Gensler’s exit: Speculation around Gensler’s exit is driving altcoin optimism.
• Possible Trump collaboration: Cardano’s potential collaboration with the Trump administration is cited as a factor.

Ripple’s XRP also saw significant growth, jumping 36% in just 48 hours, testing new yearly highs above $1.45. Investors are betting that the ongoing lawsuit between Ripple Labs and the SEC could come to a close once Gensler departs, which would likely clear the path for further XRP price appreciation.

Dogecoin, the meme coin that’s no stranger to wild price swings, also had a notable 13% rally on Friday. After a prolonged consolidation phase, DOGE saw a quick rebound, making it one of the top performers in the daily timeframe.

Whale Activity and Cardano’s Potential Breakout

The surge in Cardano’s price is further supported by whale activity. On November 21, whales, or large holders, purchased 67.51 million ADA, worth approximately $65 million. This was the largest single-day whale inflow in over two months, signaling strong confidence among Cardano’s biggest investors.

As shown in data from IntoTheBlock, these large holders have been accumulating ADA steadily. The chart below illustrates how whale deposits have consistently increased, pointing to positive sentiment across the network’s biggest stakeholders.

Cardano Whale Activity	Details
Whale Purchase (Nov 21)	67.51 million ADA
Whale Purchase Value	$65 million
Highest Single-Day Inflow	Since Sept. 23, 2024
Price Movement	35% increase

Such substantial buying pressure from whales could potentially set the stage for a push above the $1 threshold in the coming days. If retail traders follow suit and mirror this bullish trend, ADA could continue its ascent, further delaying Bitcoin’s potential $100K breakout.

Regulatory News and Market Impacts

Beyond the price action, crypto markets have been reacting to regulatory news. France’s recent move to restrict access to Polymarkets, a platform offering crypto predictions, has added some uncertainty to the market. This is part of a broader review of gambling compliance in the country. Meanwhile, in the U.S., Coinbase continues to face scrutiny from the SEC, which has accused the exchange of offering unregistered securities. Among the tokens in question are Solana (SOL), Cardano (ADA), and Polygon (MATIC).

Coinbase, however, remains optimistic about the future of meme coins and smaller tokens. In a recent interview, Coinbase’s Vice President of International Policy, Tom Duff Gordon, mentioned the exchange’s plans to list more meme coins after the inauguration of the incoming administration. He emphasized that once clearer regulatory guidelines are in place, Coinbase will look to expand its offerings in this space.

• Coinbase plans: After the Trump inauguration, Coinbase aims to list more meme coins.
• SEC scrutiny: Coinbase is facing challenges from the SEC regarding unregistered tokens.

In addition to Coinbase’s plans, Robinhood executive Dan Gallagher recently announced he would not pursue the role of SEC chair. Gallagher affirmed his commitment to Robinhood, signaling his focus on collaborating with the incoming SEC leadership, which will play a key role in shaping the future of crypto regulation in the U.S.