Crypto Market Prints New Record, Bitcoin, XRP, And SOL Skyrocketing

JAKARTA The global crypto market capitalization (market cap) recorded an all-time high of US$3.44 trillion (Rp54,352 trillion) on Friday, November 22, 2024. This spike was driven by an increase in Bitcoin prices which reached a new peak of 99,000 US dollars (Rp1,564 billion) per BTC, strengthening the dominance of this digital asset above 60 percent. However, altcoins such as Solana (SOL), XRP, and Cardano (ADA) also showed impressive performance, with some recording double-digit growth.

Solana (SOL) recently touched an all-time high (ATH) at the level of US$263 (Rp4.153 million) after recording a daily increase of 11 percent. Throughout 2024, SOL has strengthened by 160 percent. This spike was driven by SOL-based Exchange-Trad Fund (ETF) applications proposed by companies such as Bitwise, Vaneck, and 21Shares.

In addition, positive sentiment also comes after the announcement of the resignation of SEC Chair Gary Gensler, who is increasing optimism for crypto ETF approval in the future.

XRP jumped 25 percent on the same day, hitting a three-year high of $1.42. The increase was driven by hopes of a positive resolution in Ripple's long-term legal case against the SEC.

Another Altcoin that recorded significant growth was Cardano (ADA), which rose 12 percent to the level of US$0.893 (Rp14,113), the highest since April 2022. Stellar (XLM) followed XRP's lead with an 18 percent increase to US$0.288 (Rp4,550). Meanwhile, Cronos (CRO) also showed positive performance, reaching US$0.20 (Rp3,160) after a daily increase of 14 percent.

Although a number of altcoins recorded positive performance, Ethereum (ETH) and several other large digital assets are relatively slow following this upward trend. This situation shows Bitcoin dominance will continue in the market cycle this time, while "altseason" is likely to be more limited than ever before.