
Jakarta, Pintu News – As the end of the year approaches, market conditions look increasingly fragile. Several indicators suggest that the multi-year bull cycle in risk assets may be nearing its saturation point.
The Altcoin Season Index fell to 22, after reaching 78 on September 20. The average of the index over the past week stands at 31. The index compares the performance of the top 100 cryptocurrencies against Bitcoin over a 90-day period.
Even so, the altcoin market showed increased volatility on November 25, 2025. A number of altcoins such as Kaspa (KAS), Sui , Bonk (BONK), Ripple , and Ethena (ENA) recorded price increases, even outperforming major assets such as Bitcoin and Ethereum .
After falling more than 14% in the last 30 days, Kaspa (KAS) bounced back with a 19.03% gain in 24 hours on November 25. This surge hints at the potential for a burgeoning recovery.
Read also: Whale Crypto Raids 35 Million Kaspa Tokens (KAS): A Sign of Bull Run Coming Soon?
One of the main factors driving this strengthening is Kaspa’s transition from a Proof-of-Work (PoW) based coin to a Layer-1 network supporting smart contracts through the Kasplex initiative.
This transformation allows Ethereum developers to move decentralized applications (dApps) to the Kaspa network with minimal customization, while expanding the usability of the Kaspa ecosystem.
From a technical perspective, the price of KAS managed to break the important resistance level at $0.047 with a daily surge of 19%. This increase was supported by a 24-hour trading volume that increased by more than 65% to $65.56 million – indicating strong conviction from buyers. At the time of this report, KAS is trading at $0.0494.
A user on platform X (Twitter) stated that Kaspa’s jump to Layer-1 still shows a bullish outlook. “The coin supply is almost entirely in circulation, the project narrative is growing, and developer activity is increasing,” he wrote.

Altcoin Sui (SUI) saw a surge of 11.35% in 24 hours (25/11), driven by expectations of a Fed rate cut that fueled “risk-on” sentiment in the crypto market. The rise in the SUI reflects the macroeconomic boost as well as optimism for liquidity fueled by exchanges.
SUI’s 24-hour trading volume also rose 66.38% to $1.07 billion, reinforcing the market’s confidence in this upward movement.
An additional factor driving prices was the launch of the SUI futures contract on Coinbase’s derivatives platform, which added an orderly trading option for Sui investors. Coinbase Derivatives also plans to expand 24/7 trading for altcoin futures contracts, including SUI, starting the first week of December.

BONK, a dog-themed meme coin on the Solana network , surged more than 10% in 24 hours (25/11), bucking the overall downward trend of the crypto market. BONK’s daily trading volume rose 110% to $195.7 million, signaling high speculative activity.
The main trigger for this price increase was the launch of the BONK ETP (Exchange Traded Product) investment product by BitCapital on the SIX Swiss Exchange on November 27, which allowed investors in the European Union to gain exposure to BONK in a regulated manner.
An important factor to look out for going forward is: the inflow into the ETP after the launch, and whether the buying pressure can be sustained.

Ripple’s native coin, XRP, rose 8.22% in the past day, driven by large inflows into the spot XRP ETF.
Read also: Crypto Price Predictions: ETH, XRP, and DOGE Show Signs of Recovery
Spot XRP ETFs have recorded 7 consecutive days of inflows, with firms such as Canary, Bitwise, Grayscale, and Franklin being the driving force, according to data from SoSoValue. Only Canary’s XRPC ETF has recorded net assets of $306 million. As of November 24, total inflows into XRP spot ETFs stood at $164 million.
In addition, Franklin Templeton’s launch of the XRP ETF to begin Monday on NYSE Arca was also an additional catalyst for price gains.
XRP analyst Chad Steingraber estimates that if inflows into the ETF reach $1 billion per day, then more than 2.2 billion XRP could be absorbed each week-potentially pushing prices higher.
However, in the past month XRP has still recorded a drop of more than 14%, and is currently trading at $2.23 on November 25.
Ethena token (ENA) managed to bounce back after a difficult period throughout November, with a price increase of more than 6% to $0.259. Market sentiment improved over the weekend after Ethena Labs announced a new strategic partnership with the Hyperliquid (HYPE) ecosystem.
In addition, Ethena managed to generate $151 million in revenue from transaction fees in the third quarter, bringing its total revenue to $599 million. Whale activity was also significant and provided a boost to the price-suggesting a potential bullish move.
According to Gracy Chen, CEO of Bitget, key indicators to monitor in the coming weeks include: Bitcoin’s dominance, changes in altcoin trading volumes, as well as key macroeconomic indicators such as the release of inflation data (CPI).
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*Disclaimer
This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.
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