Solana (SOL), Avalanche (AVAX), and Kaspa (KAS) have led the altcoins in double-digit gain in the past 24 hours as Tether USDT revisited its eight-month volume high.
The cryptocurrency market gained about 5 percent in total valuation in the past 24 hours to about $1.49 trillion, triggered by the altcoin breakout. The recent spot exchange-traded funds (ETFs) frenzy in the United States – led by BlackRock Inc (NYSE: BLK) application of spot Bitcoin (BTC) and Ethereum (ETH) – has played a crucial role in the high cash inflow to digital assets investments products. Moreover, the crypto asset industry has received more clear regulatory approvals in different jurisdictions during the 2022 Bear market. Additionally, most central banks around the world have struggled to bring down inflation which has made living costs for most middle-income earners challenging.
Notably, Bitcoin price recently teased $38k for the first time since the crypto capitulation triggered by the Terra Luna UST collapse last year. Trading around $37.5k on Thursday during the early London market, Bitcoin has outperformed all the traditional stock indexes and precious metals.
The Bitcoin gains could further extend in the coming weeks as the stablecoins market heats up. According to our latest market data, the leading stablecoin Tether (USDT) has an average daily traded volume of approximately $50 billion. Interestingly, market intelligence platform Santiment argued that the recent USDT volume spike resembles the March trend that resulted in a Bitcoin price breakout from $21k to $29k.
💸 #Tether, #crypto's top #stablecoin, has spiked in activity while #altcoins have been flying. For the first time since early March, right as $BTC started a +50% rally, we are seeing similar amounts of $USDT in both trading volume & in whale circulation. https://t.co/eTS8KAnsb1 pic.twitter.com/RfspmrcgwQ
— Santiment (@santimentfeed) November 16, 2023
Altcoins Steal the Show from Bitcoin
The crypto cash flow has been identified to move from Bitcoin to large-cap altcoins, then medium-capes followed by small-capped and meme coins. Already Bitcoin price has stalled around $37.5k since November 09 with a possible double top, and a bearish Relative Strength Indicator (RSI) threatening to push the mother coin toward the support range between $31k and $34.5k. Consequently, high trading volume has begun popping up in most medium and small-capped altcoins, thus signaling a further upward trend.
In the past 24 hours, Solana (SOL) led the top ten most valuable digital assets by market cap in double-digit gains. According to our latest market data, SOL traded around $66 on Thursday, up approximately 356 percent YTD. As a result, the Solana network has obliterated the losses incurred during the FTX and Alameda Research implosion and the ongoing liquidations.
Another performing altcoin in the past day has been Avalanche (AVAX), a layer-one blockchain with about $672 million in total value locked (TVL). Notably, AVAX traded around $24, having gained approximately 26 percent in the past 24 hours.
Meanwhile, many other altcoins have been approaching their respective apex positions after a successful rebound from the 2022 crypto bear market. As a result, more gains are expected in the altcoin market before the year ends, perhaps doubling in total value.