- The global cryptocurrency market capitalization grew by $160 billion on Wednesday, crossing the $3.2 trillion mark.
- The cryptocurrency sector valuation has scored its highest daily timeframe gains since November 11.
- Amid the market rally, Bitcoin dominance (BTC.D) fell by 0.66%, signaling that investors are increasingly leaning into altcoins.
Altcoin Market Updates: Solana, XRP, and BNB, surge as traders front-run Gensler’s exit
News of Gary Gensler’s exit from the US SEC on January 20 has sparked bullish momentum across the crypto markets.
Zooming in, investors leaned towards assets that have underperformed in recent years under litigation from Gensler’s SEC regime, Solana, Ripple (XRP), Binance Coin (BNB).
- Arguably, the most litigated crypto asset under the current SEC regime, Ripple (XRP) price surged 12.7% on Thursday, briefly breaching the $1.20 mark.
XRP price action, November 21 | XRPUSDT (Binance)
Notably, most of XRP’s daily time-frame gains came within four hours after Gensler’s exit confirmation, signaling investors' positive reaction.
- Solana (SOL) price also scored 10.30% gains, peaking at $259.80 on Binance, just a few cents shy of its all time highs.
- Binance Coin (BNB) snapped a two-day losing streak as it bounced 5% to hit the $629 level after Gensler’s exit confirmation on Thursday.
Chart of the day: Bitcoin whales’ buying streak enters 12th day as $100K breakout looms
Bitcoin price gained 5% to hit $98,988 on Thursday, setting a new all time high for the fourth consecutive day.
While Gary Gensler’s imminent exit from the SEC dominated media headlines, behind-the-scenes, on-chain data suggest the rally is being mainly driven by persistent buying pressure from large investors.
IntoTheBlock’s chart below tracks the netflow of deposits and withdrawals in wallets that control at least 19,000 BTC ($1.9 billion).
Bitcoin price vs. Large holders netflow | Source: IntoTheBlock
At first glance the chart shows that Bitcoin whales acquired 25,740 BTC on November 20, the highest single-day net inflow this week.
Zooming in, the whales have also recorded positive netflows in each of the last 12 trading days dating back to November 9.
During that period, the whale wallets acquired a total of 128,448 BTC worth approximately $21.2 billion.
Such large whale accumulation over an extended period effectively reduces Bitcoin's circulating supply on exchanges, tightening market liquidity.
This scarcity effect has evidently played a pivotal role in driving BTC to new all time highs in each of the last 4 consecutive days.
If it persists an imminent breakout above the $100,000 milestone could be on the cards.
Crypto news updates:
- Charles Schwab set to offer crypto trading services.
Rick Wurster, the President, and incoming CEO of US trading platform, Charles Schwab, has outlined plans to begin offering spot crypto trading.
During a Bloomberg interview, Wurster expressed optimism about a positive shift in US regulatory stance towards cryptocurrencies under Donald Trump.
“We will get into spot crypto when the regulatory environment changes, and we do anticipate that it will change, and we’re getting ready for that eventuality,”
- Rick Wurster, Incoming CEO, Charles Schwab
Founded in 1986, Charles Schwab is one of the largest trading platforms in the US, offering a wide range of financial services including brokerage, banking, and advisory services.
Schwab already offers crypto-linked ETFs and crypto futures, but the move into spot trading would see the firm take a more central role, competing directly with early movers like Robinhood and Webull.
- MicroStrategy seals a deal to issue $3 billion convertible notes offering to buy more Bitcoin.
The Michael Saylor-led firm has already acquired over $6 billion worth of BTC this month, in two transaction tranches, on November 11 and November 18 respectively.
MicroStrategy Bitcoin holdings as of November 21, 2024 | Source: SaylorTracker
The $3 billion convertible notes, will keep MicroStrategy on pace to fulfill Michael Saylor’s plan to acquire $42 billion over the next three years.
At press time on November 21, MicroStrategy now holds a total of 331,200 BTC worth approximately $32.7 billion, with 97% unrealized gains.
- Donald Trump’s Media Company Eyes Crypto Payments with Trademark for “TruthFi”
Donald J. Trump’s media company, Trump Media & Technology Group, has filed a trademark application for TruthFi, signaling plans to launch a cryptocurrency payment platform.
The proposed service includes features such as financial custody and digital asset trading capabilities, positioning the company for potential entry into the crypto sector.
Notably, earlier this week Trump Media entered acquisition talks with Bakkt, a publicly traded crypto trading platform.
US President-elect Donald Trump owns approximately 57.3% of Trump Media, with his stake valued around $3 billion, making it his most significant asset. His son, Donald Trump Jr., plays an active role, serving on the company’s board.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.