What Happened in Crypto Market Today: Why Crypto Market is Rising

What Happened in Crypto Market Today: Why BTC, XRP, & ADA Are Surging

Why is Bitcoin Going Up Today?

Bitcoin (BTC) has recently hit a new all-time high, surpassing its previous record of $93,420 on November 20. The price of Bitcoin reached $98,288 by November 21, spiking by 6% within 24 hours. This rally was fueled by a breakout from an ascending triangle pattern, indicating strong market momentum. A key factor in Bitcoin's surge is the booming activity in the Bitcoin Industrial Complex, which saw trading volumes of over $50 billion on November 20. This includes equities of companies like MicroStrategy, Coinbase, Bitcoin mining firms, and Bitcoin ETFs. 

MicroStrategy led the charge, with its stock seeing $32 billion in trading volume, thanks to its ongoing Bitcoin acquisitions. The growing institutional interest, particularly from U.S. investors, has contributed to the price surge, as seen in the rebound of the Bitcoin Coinbase Premium Index, signaling renewed demand. With Bitcoin nearing $100,000, many are closely watching for further movements in the crypto market today.

Cardano’s Strong Comeback Amid Bitcoin Rally

Cardano (ADA) has witnessed a significant price surge, reaching its highest level since May 2022. ADA has gained 10.8% in the last 24 hours and 22% this week, reflecting increasing institutional interest. As Bitcoin approaches the $100,000 mark, large investors are starting to show more confidence in altcoins like Cardano, pushing its market cap to over $30 billion. 

Whale accumulation is a key driver of this rally, as large transactions have surged by 300% in recent weeks. With growing optimism and public excitement around the broader cryptocurrency news, ADA has emerged as one of the top-performing altcoins in the market.

Why XRP Is Going Up: What’s Behind the Rally?

XRP has been making headlines with a dramatic price surge of over 23% in just 24 hours, hitting a multi-year high of $1.40. This rally has been driven by several factors, including the resignation of SEC Chair Gary Gensler and ongoing regulatory shifts. Gensler’s departure has sparked optimism within the XRP community, as a more crypto-friendly SEC leadership is expected under President-elect Donald Trump. 

Additionally, a massive short squeeze in the market and whale activity have helped drive up XRP’s price. With a daily trading volume of $17.3 billion, XRP’s bullish momentum is showing no signs of slowing down. The crypto market today has seen XRP’s valuation climb, overtaking Dogecoin and placing it as the sixth-largest cryptocurrency.

SEC’s Gary Gensler to Step Down in 2025

Gary Gensler, the current chair of the U.S. Securities and Exchange Commission (SEC), has announced his resignation effective January 2025, coinciding with President-elect Trump’s inauguration. Gensler’s tenure has been marked by aggressive regulation of the crypto market, with many in the industry critical of his stance. 

His departure is expected to lead to a shift in regulatory focus, particularly with the potential appointment of crypto-friendly leaders under the new administration. This change is fueling speculation about a more favorable environment for cryptocurrencies, including Bitcoin, XRP, and other digital assets.

Conclusion 

Today, the crypto market surged as Bitcoin, XRP, and Cardano hit new highs, attracting retail and institutional investments. Optimism is fueled by growing investor confidence and potential regulatory changes under a new SEC chair. With Bitcoin nearing $100,000, the market shows signs of continued growth, focusing on how U.S. policy shifts will impact future prices.