The total crypto market cap surged by 2 percent in the past 24 hours to a new all-time high (ATH) of about $3.64 trillion on Monday, during the early Asian session. As Bitcoin (BTC) price failed to reach the much-hyped target of $100k in November, investors’ focus has gradually shifted to the altcoin industry in the recent past led by Ethereum (ETH), Ripple’s XRP, Hedera (HBAR), Dogecoin (DOGE), and Solana (SOL), among many others.
According to Ki Young Ju, the founder and CEO at CryptoQuant, the ongoing altseason is no longer defined by crypto cash rotation from Bitcoin. Moreover, Bitcoin price has not registered notable cash outflows in the recent past to guarantee a significant spike in large-cap altcoins.
Instead, Ju highlighted that the notable altcoin growth is majorly attributed to stablecoin and fiat pairs, which reflects real market growth rather than asset rotation.
The palpable growth of Ripple’s XRP in the past few weeks has rejuvenated the bullish outlook for the previously perceived ‘Dino’ altcoins, led by Litecoin (LTC). After consolidating for the past six years in a macro triangular pattern, LTC price action has signaled an imminent bullish breakout akin to XRP towards its ATH.
The mid-cap altcoin, with a fully diluted valuation of about $10 billion, surged over 18 percent in the last 24 hours to retest a crucial resistance level of around $120 at the time of this writing. With the notable fundamental improvement in the past years, LTC price is well positioned for further growth ahead.
Amid the ongoing DeFi growth on the Ethereum network, Uniswap (UNI), the largest DEX with deep liquidity, is well positioned for a major bullish breakout ahead. The mid-cap altcoin, with a fully diluted valuation of about $12.6 billion, has surged over 40 percent in the last two weeks to trade above $12 during the first week of December.
A potential bullish breakout ahead will pump UNI’s price towards its ATH.
Chainlink (LINK) remains one of the most undervalued altcoins, which is heavily supported by institutional investors. The large-cap altcoin, with a fully diluted valuation of about $18.7 billion, surged over 30 percent in the last two weeks to trade at about $19 at the time of this writing.
With the notable adoption of Chainlink products by institutional investors to enable seamless use of multichain smart contracts, LINK price is well positioned for further growth ahead.
The cryptocurrency market has reached a new all-time high (ATH) of approximately $3.64 trillion, marking a 2% increase in the past 24 hours. This surge is driven by significant gains in altcoins such as Ethereum (ETH), Ripple’s XRP, Hedera (HBAR), Dogecoin (DOGE), and Solana (SOL). Notably, XRP has surpassed Solana and Tether (USDT) to become the third-largest cryptocurrency by market capitalization
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