Bitcoin has rebounded to $98,000 today after dropping to its weekly lowest point, and several sentiments have made it back to head the $100,000 target price.

Bitcoin (BTC), the world’s largest cryptocurrency in the world by market capitalization, rose around 3% to $98,436 in the past week after dropping under the weekly average to $93,913 on Tuesday.

The South Korean martial law has brought a sentiment and dropped to its lowest record, but the token rebounded a few hours later after President Yoon Suk Yeol ended the order.

Trump nominated one-time Securities and Exchange Commission (SEC) Commissioner Paul Atkins to head the institutions, bringing a positive sentiment to the market. Ripple’s Brad Garlinghouse and Congressman Tom Emmer even support these nominations due to his stance as pro-crypto

Fed Chairman Jerome Powell’s acknowledgement of Bitcoin as a rival to gold also gives a perspective that this digital asset was commonly known as a safe-have instrument asset class.

Ethereum follows Bitcoin’s target movement

According to CoinMarketCap data on Dec. 05, Bitcoin dominance also showed a decrease of almost 5% to 54%, and this record was last seen this July. In comparison, Ethereum and other crypto recorded an increase to 12.9% and 32,6%, respectively, which indicates that Altcoins have room to grow.

Ethereum (ETH) increased by 5,21% to $3,813 in a day of trading. This largest blockchain token in the world is also heading to the next price target, which is $4,000, and possibly skyrocket to an all-time high of $4,891; the last time recorded was 3 years ago.

Although the other top cryptocurrencies have not performed yet, the crypto market cap in total is rising 1.87% to $3.58 trillion.

Ripple executives Brad Garlinghouse and Stuart Alderoty voiced their support for Paul Atkins as the next U.S. Securities and Exchange Commission chair. 

Their optimism centers on Atkins’ reputation as a pro-innovation advocate, signaling what they believe could be a major shift in the SEC’s approach to cryptocurrency regulation.

Alderoty praised the prospect of a leadership trio of Atkins, Hester Peirce, and Mark Uyeda, stating they would bring “common sense” and “true investor protection” back to the agency. Similarly, Garlinghouse described Atkins as “an outstanding choice,” emphasizing his potential to “end the prohibition era on crypto” and champion economic growth and innovation.

Paul Atkins, a former SEC commissioner, is known for his market-driven approach and advocacy for reducing regulatory burdens. His nomination follows President-elect Donald Trump’s crypto-friendly campaign, which promised regulatory clarity and support for blockchain technology.

Under Trump’s administration, Atkins could represent a significant departure from outgoing SEC Chair Gary Gensler’s enforcement-heavy stance, which drew criticism for stifling industry growth and innovation.

XRP surge

These comments come as Ripple (XRP) has experienced a notable surge, recently climbing to around $2.90, with speculation that it could reach $3 soon. 

This increase is driven by multiple factors, including the anticipated launch of Ripple’s RLUSD stablecoin and growing optimism about regulatory clarity in the U.S. following recent political developments. 

The chief executive of blockchain intelligence platform CryptoQuant believes a potential incoming altseason will not be like prior ones for one key reason.

On-chain analyst Ki Young Ju tells his 381,200 followers on the social media platform X that, unlike past cycles, liquidity can no longer flow at the same levels from Bitcoin (BTC) into altcoins, sending them soaring.

The analyst says there is now massive traditional finance participation in Bitcoin, including through spot market BTC exchange-traded funds (ETFs) and increased buying by software company MicroStrategy (MSTR).

“This alt season won’t be what you expected. It’s going to be weird and challenging. Only a chosen few will win the game. Market sentiment is good, but there isn’t much fresh liquidity. Bitcoin is drifting away from the crypto ecosystem. Bitcoin has built its own paper-based layer-2 ecosystem through ETFs, MSTR, funds and more. In this paper-based L2 Bitcoin bridging to other altcoins is impossible.”

He also shares a chart showing Bitcoin’s price correlation with alts. A score of 1 is the highest correlation, whereas the lowest correlation possible is 0.

“Altcoins used to move together based on their correlation with BTC, but that pattern has now broken. Only a few are starting to show independent trends as they attract new liquidity.”

The analyst notes that spot market BTC ETFs have accumulated as much as is believed to have been mined by Bitcoin’s pseudonymous founder Satoshi Nakamoto in the early days of the cryptocurrency’s existence.

“Bitcoin spot ETFs now hold as much BTC as Satoshi Nakamoto (Patoshi).”

He also says that investor demand for the ETF product is returning to its historical high.

“Bitcoin ETF demand is as strong as at their initial approval this year.”

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