Cardano (ADA) and Ripple (XRP) Lead Altcoin Gains as Bitcoin Flirts $100K

Bitcoin continues its record-breaking rally and is on the verge of reaching six figures for the first time. While this chapter marks a historic moment for the world's largest cryptocurrency, altcoins are also drawing attention with their own impressive gains.

XRP and ADA are the two top altcoins that have benefited greatly from this extended rally.

XRP and ADA explosive growth

According to the latest analysis of the popular crypto analytical platform Santiment, a significant change in market volatility was observed as altcoins attracted growing attention, with Bitcoin stabilizing at $98,362 after its historic rally. Altcoins such as Ripple, Cardano, Stellar, Hedera, Mantra and Algorand have seen weekly increases of 52%, 41%, 83%, 87%, 110% and 44% respectively.

As Bitcoin eyes making history, altcoins like XRP, Cardano, Stellar, Hedera, Mantra and Algorand are rapidly increasing their respective market values. As long as BTC remains at ~$95K+ support, expect November's gains to continue to be redistributed to altcoins. pic.twitter.com/AXNyVd46Ro

— Santiment (@santimentfeed) November 21, 2024

These trends highlight a redistribution of profits from Bitcoin to altcoins driven by higher social scale and renewed investor interest. Bitcoin's ability to maintain its critical support at $95,000 will be key in determining whether this altcoin's momentum will continue into November.

In addition to redistributing profits from Bitcoin, it's also worth noting that SEC-marked altcoins rallied after Chairman Gary Gensler announced he would step down in January. A vocal critic of crypto industry practices, Gensler's departure follows President-elect Donald Trump's pledge to remove him if re-elected.

For example, XRP's recent surge has helped it regain $1.4 – a level not seen since May 2021, fueled by Ripple's hopes of a resolution to its ongoing legal battle with the SEC.

Meanwhile, Cardano's ADA rose to $0.86, marking its highest level since April 2022.

The price of Ethereum is back

Amidst this broad altcoin rally, Ethereum rose to $3,360, with on-chain data indicating increased trading activity. The Sentiment Dashboard shows significant Ethereum deposits on centralized exchanges such as Binance and Deribit. Such a trend usually indicates sellable or strategic positions by high-priced traders.

The significant revenue generated from major wallets further highlights Ethereum's role in the ongoing market reform. While Bitcoin continues to flirt with breaking all-time highs, Ethereum and other altcoins are benefiting from profit margins and renewed speculative demand. There is a market-wide shift as traders diversify portfolios and explore opportunities beyond bitcoin dominance, signaling a potentially extended altcoin season.