Original author: 1912212.eth, Foresight News
Although Bitcoin has been stuck at the $100,000 mark, funds have obviously flowed into the altcoin market. Data shows that Bitcoins market share has dropped to 55.25%, while Ethereum has risen to 12.74%, and the ETH/BTC exchange rate has remained stable above 0.037. Other altcoins with smaller market capitalizations have begun their performance moments.
In the public chain sector, ADA rose again by more than 15% today, and the price is around $1.3. The weekly chart has a rare five-day rise, and has achieved a return of more than 400% from the bottom of $0.3. FTM rose by more than 17% today, and the price is around $1.2. AVAX rose by more than 10% today, and the 7-day increase was more than 20%. XRP rose by more than 85% in 7 days, and the current price is $2.7.
ONDO in the RWA sector even hit a record high, now priced at $1.65, with a 24-hour increase of more than 35% and a 7-day increase of more than 64%. LINK in the DeFi sector rose by 24.49%, MKR rose by 16.08%, and AAVE also recorded an increase of more than 11%.
The market is booming, what are the reasons?
Tether mints 16 billion new tokens on Ethereum and TRON chains
Lookonchain monitoring shows that Tether Treasury minted another 1 billion USDT at around 6 a.m. today. Tether Treasury has minted a total of 16 billion USDT on Ethereum and Tron chains since November 6.
The market value of USDC has also risen from US$15 billion at the beginning of this month to around US$40 billion.
Currently, the total market value of stablecoins has risen above US$193.9 billion, setting a record high, with a total increase of 2.3% in 7 days.
The continuous growth of the market value of stablecoins means that incremental funds are still entering the market to chase tokens of projects with smaller market capitalizations. After the new projects are sought after, old projects are also ushering in their own spring.
Positive changes in US regulatory policies
Hunter Horsley, CEO of Bitwise, said recently, “In the past 30 days, Coinbase’s market value has increased by about $30 billion and XRP’s market value has increased by about $100 billion. The U.S.’s shift from regulatory resistance to regulatory favorability is one of the biggest and most important structural catalysts seen in the crypto space. Its impact has just begun.
Trump will officially take office as the next president on January 20 next year, but he has been making frequent moves in personnel layout recently. He not only plans to expand the CFTCs regulatory authority over the crypto market, but also divide the boundaries of power and responsibility with the SEC. In addition, according to a FOX Business reporter citing sources, Trump will also announce the successor to the SEC chairman tomorrow.
Ever since SEC Chairman Gary Gensler announced that he would step down when Trump takes office, the market has been looking forward to the SECs successor. Although the specific candidate is still unknown, the market generally believes that the next SEC chairman will change his strict style and adopt a crypto-friendly attitude.
Careful market investors have discovered that old coins such as ADA and XRP, which are currently leading the market in terms of growth, have also benefited from the US policy changes and have soared. There are continuous good news at the news level. WisdomTree submitted the XRP ETF S-1 registration document to the US SEC. ADA was also listed on Robinhood US together with XRP and SOL.
As early as November 25, DWF founder Andrei Grachev published an analysis saying that the US election has a huge impact on the market, and in the short term, US domestic projects and top VCs will be the most profitable.
South Korean market buying
South Koreas cryptocurrency speculation has been well-known in the last bull market cycle. After the recent market continued to rise, South Korean buying funds continued to pour in.
On the platforms of Upbit and Bithumb, the major cryptocurrency exchanges in South Korea, the number of user accounts over 60 years old reached 775,700 (as of the end of September), an increase of 30.4% from the end of 2021. Users in this age group hold a total of 6.7609 trillion won in cryptocurrency assets, with an average investment of about 8.72 million won per person. At the same time, the current deposit balance of the five major banks in South Korea was 592.67 trillion won, a decrease of 26.95 trillion won from the end of June, setting a new low since January this year.
In November 2024, CryptoQuant data showed that the total monthly stablecoin trading volume of South Koreas top five CEXs - Upbit, Bithumb, Coinone, Korbit and GOPAX - was about 16.17 trillion won (US$11.5 billion). This figure includes the total buying and selling volume of stablecoins such as Tether (USDT) and USDC issued by Circle, and it is also a 7-fold increase from the approximately 2 trillion won recorded at the beginning of the year. This is also the first time that South Koreas monthly stablecoin trading volume has exceeded 10 trillion won.
XRP is even more popular. Ryan Kim, a partner at Hashed, South Koreas largest crypto venture capital firm, posted on social media that in 2014, Ripple Labs sold XRP in South Korea in a Ponzi scheme through the Ripple Market Korea project, attracting a large number of Korean investors to participate. These early investors may have received considerable returns. South Korea has a real XRP community, which is why Koreans buy XRP in large quantities.
CoinGecko data shows that the trading volume of South Koreas CEX Upbit in the past 24 hours reached 18.449 billion US dollars, ranking second among CEXs. The trading volume of the first-ranked CEX Binance yesterday was 50.572 billion US dollars.
The Trump effect coupled with expectations of interest rate cuts has accelerated the transfer of South Korean funds from banks to risky assets.
summary
Bitcoin spot ETFs received $6.5 billion in inflows in November alone, a record high and far exceeding any other month this year. Currently, BTC prices are supported by spot ETF buying, and a large amount of market funds are flowing out of Bitcoin and Ethereum to various sectors and new and old projects. Matrixport analysis shows that if Trumps nominations to the Treasury Department and the SEC are realized, the crypto market narrative may evolve into a DeFi revival. The crypto market may maintain a volatile upward trend until Trump officially takes office.
