The cryptocurrency market proved its resilience over the weekend of October 12-13, 2019, as major altcoins posted impressive gains despite a headline-grabbing rejection from the U.S. Securities and Exchange Commission. While Bitcoin held steady around $8,321 and Ethereum traded at $182, it was the altcoin sector that captured traders attention, with Dogecoin surging 10.5% and Binance Coin climbing 5.27% in a single day.
TL;DR
- The SEC rejected the Bitwise Bitcoin ETF proposal on October 9, but the crypto market barely flinched
- Dogecoin (DOGE) surged 10.5% on October 13, trading at $0.0025
- Binance Coin (BNB) gained 5.27% daily and 19.57% on the week, reaching $18.31
- XRP added 1.78%, ADA climbed 1.65%, and Litecoin rose 1.08%
- Analysts attributed the rally to Federal Reserve easing measures boosting risk appetite
SEC Says No Again — Markets Say “So What?”
On October 9, the SEC delivered its latest blow to the crypto industry by rejecting the Bitwise Asset Management Bitcoin ETF proposal, which had been filed with NYSE Arca. The regulator argued that Bitwise had not adequately demonstrated its ability to isolate the “real” bitcoin market from fraudulent and manipulative activity. The SEC stated that Bitwise had asserted that 95% of the bitcoin spot market consists of fake and non-economic activity but had not proven it could identify the genuine market.
It was the latest in a string of rejections, following the high-profile denial of the VanEck Bitcoin ETF application just weeks earlier. Historically, such SEC decisions had triggered sharp sell-offs across the crypto board. This time, the market told a different story.
Dogecoin Leads the Pack
While Bitcoin dipped just 0.32% on the day and Ethereum eked out a modest 0.38% gain, the real action was in the altcoin market. Dogecoin, the meme-inspired cryptocurrency that had been trading sideways for months, exploded with a 10.5% daily surge. On the Kraken exchange, DOGE was changing hands at $0.0025 with $96,006 in 24-hour volume — a significant uptick for a coin that many had written off as a joke.
The DOGE rally appeared to be driven by a combination of speculative momentum and renewed community enthusiasm, with the coins low price point making it an attractive target for retail traders looking for percentage gains.
Binance Coin Builds on Weekly Momentum
Binance Coin (BNB) was another standout performer, gaining 5.27% on October 13 and posting an impressive 19.57% gain over the previous seven days. Trading at $18.31, BNBs rally reflected growing confidence in the Binance ecosystem, which continued to expand its suite of trading products and services despite regulatory headwinds.
With a market capitalization of approximately $2.85 billion, BNB solidified its position as a top-10 cryptocurrency. The tokens utility within the Binance exchange — including trading fee discounts and participation in token sales — continued to drive demand.
XRP, Cardano, and the Broader Altcoin Market
The altcoin rally was not limited to DOGE and BNB. XRP gained 1.78% to trade at $0.2760, Cardano (ADA) advanced 1.65% to $0.0408, and Litecoin (LTC) added 1.08% to reach $56.35. EOS climbed 0.81%, Stellar (XLM) edged up 0.67%, and Tezos (XTZ) rose 2.22% to $0.92.
The widespread nature of the gains suggested that the market was experiencing a broad risk-on sentiment rather than coin-specific catalysts. Total 24-hour trading volume across the Kraken exchange reached $48.2 million, indicating healthy participation.
The Fed Factor
Market analysts pointed to the U.S. Federal Reserves plans to inject liquidity into the financial system as a key driver of the crypto rally. The Fed had announced measures to boost bank balance sheets and drive inflation through reserve increases — a form of quantitative easing that historically benefited risk assets, including cryptocurrencies.
“We know that Fed easing has historically helped bitcoin,” Joe DiPasquale, CEO of BitBull Capital, told industry press. Marcus Swanepoel, CEO of Luno, echoed this sentiment, noting that “overall, global markets are also up and we are seeing some positive sentiment.”
Why This Matters
The October 13, 2019 altcoin rally demonstrated a significant maturation of the cryptocurrency market. For the first time, a major SEC rejection failed to trigger a market-wide sell-off, suggesting that investors were looking beyond regulatory setbacks toward broader macroeconomic factors. The Federal Reserves easing policies were beginning to cast crypto in a new light — not just as a speculative playground, but as a potential hedge against monetary debasement. Dogecoins 10% surge also highlighted the growing influence of community-driven tokens, a trend that would reshape the market in the years to come. The events of this weekend marked an early signal that altcoins were developing their own momentum, independent of Bitcoins regulatory narrative.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry high risk. Always do your own research before making investment decisions.