As we approach year-end, market conditions appear increasingly fragile. Several indicators suggest that the multi-year upward cycle in risk assets may be nearing exhaustion. The Altcoin Season Index has dropped to 22, after reaching 78 on September 20, with last week’s average at 31. This metric compares the performance of the top 100 cryptocurrencies against Bitcoin over a 90-day period.
That said, the altcoin market showed renewed volatility on November 25, 2025, as Kaspa (KAS), Sui (SUI), Bonk (BONK), Ripple (XRP) and Ethena (ENA) posted 24-hour gains, outperforming major assets like Bitcoin and Ethereum.
KAS, which slipped over 14% in the past 30 days, has bounced back, surging 19.03% over the last 24 hours, suggesting a potential developing rebound.
Kaspa’s ongoing transition from a PoW coin to a smart contract-enabled Layer-1 via Kasplex has become one of the key drivers.
This means that Ethereum devs can port dApps to Kaspa with minimal changes, while broadening utility.
On the technical front, KAS broke above $0.047 (key resistance) with 19% daily gains, supported by a 24-hour volume surge, which spiked over 65% to $65.56 million, confirming buyer conviction. The altcoin is currently trading at $0.0494 at press time.
One user highlighted that Kaspa’s Layer-1 leap remains bullish. “Supply is almost fully circulating, the narrative is expanding, and dev activity is climbing,” the user wrote on X.
Sui (SUI) altcoin has witnessed an 11.35% surge in the past day, as Fed rate cut bets lifted altcoins amid risk-on sentiment. SUI’s surge reflects macro tailwinds and exchange-driven liquidity optimism.
The crypto’s 24-hour volume increased 66.38% to $1.07 billion, confirming bullish conviction.
Further, the recent SUI futures launch by Coinbase on its derivatives platform has added regulated trading tools for Sui investors, triggering the price further.
Coinbase Derivatives is planning on expanding 24/7 trading for its listed altcoin futures, including SUI, in the first week of December.
BONK, a dog-themed memecoin on the Solana blockchain, rose over 10% in the last 24 hours, defying a broader crypto market downturn. The 24h trading volume surged 110% to $195.7 million, suggesting speculative positioning.
The major catalyst remains BitCapital’s BONK ETP launch on Switzerland’s SIX Exchange on November 27, enabling regulated exposure for EU investors.
Altcoin Key Watch: ETP inflows post-launch and whether it can sustain buying pressure.
Ripple’s native coin XRP, climbed 8.22% in the past day, aligning with bullish ETF inflows.
Spot XRP ETFs have now seen 7 straight days of inflows, with Canary, Bitwise, Grayscale, and Franklin driving momentum, per SoSoValue data. Canary’s XRPC alone accounted for $306 million in net assets. XRP spot ETFs recorded $164M in net inflows on November 24.
Besides, the new XRP ETF listing by Franklin Templeton, starting Monday on the NYSE Acra, has pushed the price further.
XRP analyst Chad Steingraber estimates that if inflows hit $1B/day, over 2.2B XRP could be absorbed weekly, pressuring prices upward.
Though the altcoin is down more than 14% over the past month, it is currently trading at $2.23 at the time of writing.
Ethena’s ENA token has rebounded after a rough November, rising over 6% to $0.259. Sentiment improved over the weekend after Ethena Labs revealed a new strategic partnership with Hyperliquid ecosystem.
Additionally, Ethena generated $151M in Q3 fees, bringing total revenue to $599M. On top of it, whale activity has also significantly impacted the price, hinting at bullish momentum.
“Key signals to monitor over the coming weeks include Bitcoin dominance, changes in altcoin trading volumes, and major macro indicators such as CPI releases,” Gracy Chen, CEO at Bitget told Cryptonews.
