Altcoin Rally On Rumors Of Gensler's Dismissal

Media Reported "Gensler Is Likely to be Dismissed"
Altcoin Rises Following Rumors of Gensler's Dismissal
XRP/XLM Leads the Trend, Driving Altcoin Upside
Ki Young Ju "BTC May Go $135,000 This Cycle"

Altcoins rallied on Nov. 18 as news broke that Gary Gensler, chairman of the U.S. Securities and Exchange Commission(SEC), may resign.

A number of foreign media outlets are reporting Gensler's resignation. This is because former President Trump, who has pledged to dismiss Gensler several times, has confirmed the election of the 47th U.S. president.

In an interview with Thinking Crypto, a media outlet specializing in cryptocurrency, Cody Carbone, chairman of the Digital Chamber of Commerce, suggested Gensler's resignation date of December 31 this year.

Major altcoins rose when even the exact date of Gensler's resignation appeared as rumors. It is in the hope that Gensler, who classified numerous altcoins as 'security' and prevented the upward rally of altcoins, could be dismissed soon.

In particular, Ripple Labs CEO Brad Garlinghouse had the nuance of meeting Trump in an official interview, and Ripple(XRP) and Stellar Lumen(XLM) soared on Nov. 18 following the weekend, driving the rise of altcoins.

◇Bitcoin = Bitcoin price is $91,835 at 4:30 p.m. on Nov. 18, 2024. The Bitcoin share (dominance) was 59.95%

The long(up) and short(down) betting ratios in the Bitcoin futures market stood at 47.41% and 52.59%, according to the on-chain analytics platform Sigbtc.

As Bitcoin rose day after day, CryptoQuant CEO Ki Young Ju, who insisted on a short-term adjustment of Bitcoin, pointed out the reach of this Bitcoin rally.

"Bitcoin is in a bull market," he said on his X account on the 17th. "Based on the accumulated capital flowing into the market, the current upper limit seems to be $135,000."

CEO Ju said he set a target price for Bitcoin in 2024 at $135,000 as a result of a quantitative analysis of the recent price movements of Bitcoin based on exchange-traded funds (ETFs) and capital flowing into Bitcoin as commodities in the United States.

◇ Upward Coin = The cryptocurrency that recorded the largest increase from the previous trading day at 4:30 p.m. on Nov. 18 was Hedera(HBAR), up about 32%

Hedera is the token of the Hedera Hashgraph network. Hedera was developed based on high transaction processing speed and low fees. It has a transaction processing speed of more than 10,000 transactions per second, and the average transaction fee is only $0.0001.

Hedera pays the transaction fee value (measured in USD and pays with Hedera tokens) and ensures the stability of the network through incentives (node rewards) for staking.

◇Fear Greed Index = The cryptocurrency fear-greed index provided by Alternative has entered the phase of Extreme Greed with 83 points. Extreme Greed is an upward phase accompanied by high trading volume and strong volatility. It can be said that it is a selling section for institutions as it is highly likely to leave the market at its peak.

The cryptocurrency relative strength index (RSI) provided by Sigbtc was 60.5, which was in a 'neutral' state. RSI sets the relative strength between the upward and downward pressure of a particular asset price and is an indicator of a measure of over-purchasing and over-selling of a particular asset.

권승원 기자 ksw@blockstreet.co.kr