Altcoins tease breakout yet again as Bitcoin rebounds above $97.3K

According to blockchain and crypto data insights platform, Santiment on November 28, altcoins launched a strong recovery as BTC briefly crossed $97,000 on Thursday. CoinMarketCap data also indicated a move into the green region among many of the top 100 cryptocurrencies in the past 24 hours. 

At the time of writing, Bitcoin’s price hovers around $94,960 after it corrected below $96,000. While the price is over 1% more than yesterday’s, it is still 2% down over the past 7 days. Bitcoin’s trading volume has also dropped by around 16%, reaching a little over $70 billion.  

Despite the recovery seen by altcoins, Bloomberg recently reported that the coins have not been able to keep up with BTC’s price pump this month. The report compared altcoin prices this November with the crypto bull market in 2021. While several coins have seen a price pump this month, most have not managed to break the all-time highs they set in 2021. 

Santiment also touched on the recent price correction experienced in the crypto markets since Sunday and the panic it caused among some crypto investors. A recent OKG Research report revealed that the Trump-triggered bull run has significantly cooled down. The report also mentioned the possibility of several macroeconomic factors causing the price drop.

Stellar gains over 105% in the past 7 days

Altcoins like Stellar (XLM) are among the biggest gainers of the week, with Santiment pointing out a 105% price boost in the past seven days. The coin is still down over 7% at the time of writing, hitting $0.4763. 

Santiment expressed concern about the increasing euphoria related to XLM’s price and its rank as a top trending token over the past few days. The report suggested the increased FOMO for the asset due to retailers jumping on the opportunity to invest. Santiment also explained the possibility of a top forming with the increased interest in Stellar. The crypto insights platform further revealed that the current FOMO does not necessarily mean that the coin’s uptick is short-term. 

Other notable mentions among the top 100 coins with the greatest gains in the past 7 days include Celestia, which gained over 73%; Sandbox’s SAND, which gained over 77%; Lido DAO’s LDO, which gained over 52%; and Fantom, which gained over 51%. Some coins have also recorded over 40% gains in the past 7 days, including UNI, SEI, OP, and DOT.

Gary Gensler’s resignation contributes to altcoin growth

A recent report from November 25 suggested that recent macroeconomic developments contributed to the altcoins’ price pump. The report cited a recent announcement from the outgoing U.S. SEC chair, Gary Gensler, who tweeted that he will step down from office on January 20. 

According to the report, the announcement has been a major driver of the gains recorded by XLM and XRP this week. Gensler is viewed as an enemy of crypto’s progression, launching several lawsuits against crypto companies over the past few years. The U.S. SEC’s multi-year lawsuit against Ripple is a prime example of Gensler’s siege on the crypto industry. 

The report further suggested that XRP investors have become more bullish on the token as Gensler’s resignation looks to have paved the way to a halt to the case. XRP has gained over 29% over the past 7 days and 0.44% in the past 24 hours. 

According to the report, XLM also experienced the same issues as XRP, which has delayed its appearance on U.S. exchanges. The report further pointed out investors’ wariness in buying into the coin.

Gensler’s resignation could mean that XLM does not have to face a listing as an unregistered security, which would have tempered the buzz around its exchange listing.

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