Bitcoin’s (BTC) entry into the price discovery phase of the 2024/2025 bull run has breathed new life into the altcoin market, with Ethereum (ETH), Dogecoin (DOGE), and Solana (SOL) taking the lead. As of Monday, November 11, the crypto market cap (excluding Bitcoin and Ethereum) has jumped to about $717 billion, recovering from a key support level during the mid-London session.
With Bitcoin dominance nearing a major resistance level of around 60%, a reversal could be on the horizon. This could trigger the start of the long-awaited altseason, driving altcoins into a parabolic rise.
At the same time, growing support for pro-crypto US candidates, led by Donald Trump, and a significant flow of capital into crypto investment products are helping to strengthen the overall bullish sentiment.
We can only best describe this as crypto euphoria – something we have all been waiting for the longest time! Read on to know what’s next.
After Dogecoin (DOGE) surged over 85% last week, other meme coins are following suit, with Floki (FLOKI) leading the way. With more than 417,000 on-chain holders, Floki saw a 44% increase last week, breaking out of a long-standing falling wedge.
This mid-cap altcoin, valued at $1.76 billion (fully diluted) with an average daily trading volume of $1.4 billion, is poised to enter its own parabolic phase.
The DeFi sector continues to play a major role in the widespread adoption of digital assets. Many experts believe DeFi-related altcoins will perform well in the coming months, especially with anticipated regulatory clarity in the United States.
PancakeSwap (CAKE), a small-cap altcoin with a fully diluted valuation of $769 million and daily trading volume around $162 million, has already made a significant impact. Listed on Binance, the project has grown into a leading decentralized exchange (DEX), with a total value locked (TVL) of over $1.27 billion.
The Layer-One sector, focused on tokenizing real-world assets (RWA) and supporting DeFi development, is expected to unlock trillions of dollars in value. In this space, Filecoin (FIL) is showing potential for a bullish breakout after being stuck in a long-term downtrend.
As the crypto market enters this exciting new phase, all eyes are on the altcoins that could soon take center stage. Stay tuned for updates on them!
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