Market conditions are on the rise as Paul Atkins emerges as a leading contender to become the next CEO.

The crypto market turned green again on Thursday after some profit booking in the past few sessions as US President-elect Donald Trump eyes pro-crypto Paul Atkins as SEC chairman.

Crypto markets were back in the green on Thursday after some profit-booking in the past few sessions as US President-elect Donald Trump eyed pro-crypto Paul Atkins to replace Gary Gensler as SEC chairman. The digital asset class got a big boost from the potential news, pushing some stocks to sharp higher highs.

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Bitcoin, which was racing towards the $100,000 mark, was seen around the $95,500-mark on Thursday, bouncing back from a low of $93,000. Just a week ago, Bitcoin scaled a new all-time high of $99,655.50 on Nov. 23, but gave up nearly 5 percent of its gains to trade at 95,500 at 2 p.m. on Thursday, data from CoinMarketCap suggests.

Among other top coins, Ethereum and BNB are up about 6 percent, while XRP, Cardano and Dogecoin are up 3-4 percent in the last 24 hours. Ethereum Name Services, Athena, Pyth Network, Render and Uniswap are up 10-40 percent during the day.

Crypto market participants have given the news a thumbs up. They believe that Atkins’ approach has the potential to redefine the crypto landscape and usher in a new era of progress. However, the crypto market has taken a breather after a sharp rally led by Donald Trump’s victory earlier this month. Trump has presented himself as a crypto supporter

The appointment of Paul Atkins to head the SEC under Donald Trump’s incoming administration has fueled sentiment in the crypto community, said Adul Patel, co-founder and CEO of Mudrex. “Known for his pro-innovation stance and crypto expertise, the crypto market could see a wave of positive improvements to help achieve Trump’s vision of establishing a strategic bitcoin reserve.”

His past experience in the financial sector, founding Patomac Global Partners, and his vocal advocacy for fintech show how he will grow the crypto industry. Patel said the confidence of having pro-crypto leadership at the SEC will make it easier for institutions to commit to the asset class, bring more liquidity to the space, and drive mainstream adoption of crypto.

According to data from Coinmarketcap, the global crypto market cap has risen more than 2 percent in the past 24 hours to the $3.3 trillion mark, up 2.32% from the previous day. However, total crypto market volume has fallen by more than 10 percent in the past 24 hours to $200.61 billion. Bitcoin’s dominance in the crypto space has fallen to 57.11 percent.

There is growing optimism for the development of a clear regulatory framework under Atkins’ leadership, said Balaji Srihari, head of business at Coinswitch. “A more collaborative SEC could bridge the gap between crypto firms and traditional financial institutions, paving the way for growth and investment,” he said.

This includes initiatives such as safe harbors and regulatory sandboxes, designed to balance innovation with strong consumer protections. Such measures could alleviate concerns from institutional investors wary of regulatory uncertainty, potentially unlocking significant capital flows into the crypto market, Srihari added.