Crypto markets have retreated by 3.6% on the day, with total capitalization falling to $3.41 trillion at the time of writing.

But that is largely due to Bitcoin’s 7% correction, as it dipped below $93,000 in early trading in Asia on Tuesday.

Altcoins have been buoyant recently, and on-chain analytics platform Santiment has highlighted the better performers.

“Traders are still riding the hot altcoins and discussing specific stories surrounding under-the-radar opportunities,” it stated on Nov. 26.

Three Altcoins to Watch

Santiment highlighted three crypto assets that have outperformed recently. The Sandbox (SAND) has pumped amid a notable resurgence in metaverse-related investments and growing confidence among investors, it noted.

This suggests a “shift towards GameFi and metaverse projects,” it added. SAND has more than doubled over the past fortnight, spiking to an eight-month high of just over $0.80 on Nov. 25. However, it has begun to fall back sharply since then, dropping to $0.66 at the time of writing.

Stellar Lumens (XLM) has surged a whopping 330% over the past fortnight to peak at $0.588 on Nov. 25, its highest price since May 2021. The asset has retreated to around $0.50 at the time of writing, however.

“Increasing interest from Korean investors following a political event, further emphasizing XLM’s traction among crypto investors,” said Santiment.

️ While Bitcoin has dropped back to as low as $93K Monday, traders are still riding the hot altcoins and discussing specific stories surrounding under the radar opportunities:

The Sandbox $SAND: There has been a notable resurgence in metaverse-related investments and growing… pic.twitter.com/7HPyInN7gE

— Santiment (@santimentfeed) November 26, 2024

Santiment also mentioned Ethereum’s price performance, which is “being discussed in contrast to other cryptocurrencies like Bitcoin and XRP.”

“Users are expressing bullish sentiments about Ethereum’s potential to outperform other large caps,”

ETH is up more than 9% over the past week and is holding its gains at the moment, trading around $3,430, while those around it are correcting. That hasn’t prevented the Bitcoin maxis from continuing to spread Ethereum FUD memes, but serious analysts are seeing its potential this cycle.

#Ethereum is just getting started and it will not stop until it reaches 5 figures pic.twitter.com/RRcXMHkwMm

— Yoddha (@CryptoYoddha) November 25, 2024

Altseason Yet?

With Bitcoin dominance still at 58.6%, it is unlikely that altseason is upon us just yet. A fall below 50% will signify that the trend has reversed, and altcoins will start to move, and analysts are confident that this is around the corner.

Most altcoins are pulling back at the moment, and aside from ETH, only Toncoin (TON), Uniswap (UNI), Internet Computer (ICP), Ethereum Classic (ETC), and Bittensor (TAO) are in the green today.

Santiment also eyed altcoins with the highest 24-hour rises in social volume, which included Pleasure Token, Tornado, and Axie Infinity.

The Biggest Altseason Is Coming

That’s it

That’s the tweet. pic.twitter.com/MMwBw0rChD

— Elja (@Eljaboom) November 25, 2024

WisdomTree Funds filed registration paperwork in Delaware on November 25, taking a step toward launching an XRP exchange-traded fund (ETF).

The development was first reported by Fox Business journalist Eleanor Terrett, who shared confirmation from the asset management firm about the legitimacy of the filing through a social media post.

WisdomTree’s Filing

This filing marks the initial phase of securing regulatory approval for the XRP ETF. To move forward, WisdomTree must submit a formal S-1 registration with the Securities and Exchange Commission (SEC), which will initiate the official review process.

The company joins other industry players such as Bitwise, Canary Capital, and 21Shares in the race to introduce an XRP ETF in the United States. WisdomTree is not new to crypto-based ETFs, having received approval from the commission for a spot Bitcoin ETF and currently managing an Ethereum ETF that trades in European markets.

The potential for a spot XRP ETF has been a topic of interest in the crypto industry. Ripple’s CEO, Brad Garlinghouse, has been a vocal advocate for such a product, recently emphasizing his belief in the inevitability of altcoin ETFs, including one for XRP.

Last week, Nate Geraci predicted a surge in spot crypto ETF filings, citing pro-crypto regulatory momentum following Donald Trump’s return to the White House. Geraci called the current climate an “optimal moment” for providers to act. The WisdomTree filing appears to align with this forecast.

Regulatory Challenges and Timeline Delays

However, the road ahead is far from clear. Bloomberg analyst James Seyffart cautioned in an interview that regulatory hurdles for altcoin ETFs, including XRP, remain significant. Unlike Bitcoin and Ethereum, which benefited from connections to CME-regulated futures markets, altcoins don’t have an established framework.

“Without a regulated market of significant size, the SEC has historically denied altcoin ETF applications,” Seyffart explained. He added that issues such as market manipulation, custody, and compliance must be addressed before these products can advance.

He also highlighted the difference between filing processes for ETFs. While the 19b-4 rule filings initiate a formal review period with fixed deadlines, S-1 filings like WisdomTree’s XRP ETF application lack strict timelines. This difference means that altcoin ETF applications could face extended delays, with decisions potentially stretching into late 2025.

However, the analyst also mentioned that changes in SEC leadership could impact how quickly approvals happen. He explained that with current chair Gary Gensler confirming he will step down in January, a new agency head could speed up the process, but it’s unclear how much this will affect the dates.

Seyffart also noted that multi-asset index ETFs, like Grayscale’s GDLC and Bitwise’s Crypto 10 Index, might face fewer problems due to their heavy focus on Bitcoin and Ethereum. However, SEC approval will depend on whether the smaller altcoin allocations meet compliance standards.

TL;DR

• Cardano’s ADA surged substantially last month and reached $1.12. Analysts predicted a further rise above $1.20 and long-term targets up to $5.
• Daily active addresses hit a 17-month high, signaling increased network engagement and potential for additional price growth.

ADA to Resume the Rally Soon?

Cardano’s ADA has performed quite well in the past month, with its price soaring by approximately 180%. On November 23, it briefly surged to $1.12, the highest mark observed in more than two years. Currently, ADA is worth around $0.88, plunging alongside the broader market correction.

Numerous analysts and popular industry participants remained unfazed by the recent pullback, envisioning new peaks in the near future. X user Mihir noted a “double bottom” on the one-hour chart, claiming that ADA might be gearing up for a bounce above $1.20. 

Sssebi and Jake Gagain chipped in, too. The former maintained that retreats of that type are “good for ADA after such bullish momentum.” The analyst even promised to buy more tokens if the price dips to $0.80. 

The crypto content creator Jake Gagain placed himself among the biggest bulls, predicting a rise to a new all-time high of $5 during this cycle.

Dan Gambardello also gave his two cents. He reminded that ADA pumped to $3 during the previous bull run in 2021 when “it didn’t even have the native token feature yet.”

“And now Cardano is an actual contender to be a federal election & financial operating system of the world,” he added.

Recall that Cardano’s founder, Charles Hoskinson, recently said he would be working alongside the Trump administration to establish more favorable and comprehensive crypto regulations in 2025. In fact, his statement marked the start of ADA’s impressive rally.

This Metric Signals Good News for Bulls

Despite ADA’s substantial retreat in the past 24 hours, some on-chain indicators suggest that the price might head north soon. One of those is the increase in the daily active addresses.

On November 25, the figure pumped to its highest level since June 2023 (according to IntoTheBlock’s data). The resurgence means that more users interact with the Cardano blockchain (such as making transactions, deploying smart contracts, or engaging with decentralized applications (dApps)). For its part, the heightened engagement can be a precursor of a price rally of the underlying asset.

Meanwhile, we recently released a video with some of the major developments surrounding Cardano. Check it out here: