Author
Steve Muchoki
Let’s talk web3, crypto, Metaverse, NFTs, CeDeFi, meme coins, and Stocks, and focus on multi-chain as the future of blockchain technology. Let us all WIN!
Key Notes
- The altcoin market has registered a significant increase in whale demand thus leading to a bullish breakout.
- Cryptocurrency traders should exercise risk management skills to minimize the impact of forced liquidations.
As Bitcoin price BTC $103 458 24h volatility: 2.1% Market cap: $2.05 T Vol. 24h: $154.79 B failed to reach the much-anticipated target of $100K last week, crypto traders shifted their focus to altcoin projects with more bullish sentiment. In the last seven days, altcoins that were previously perceived as ‘zombie coins’, led by XRP XRP $3.16 24h volatility: 1.9% Market cap: $181.73 B Vol. 24h: $21.19 B , Cardano ADA $1.04 24h volatility: 4.1% Market cap: $37.19 B Vol. 24h: $3.26 B , and Stellar XLM $0.45 24h volatility: 4.5% Market cap: $13.70 B Vol. 24h: $1.39 B , rallied more than 100 percent.
Most of the large and mid-cap altcoins registered double percentage points in gains over the past week. As a result, the emergence of FOMO traders has increased the overall crypto volatility and forced liquidations.
According to the latest market data, more than 186K crypto traders lost more than $491 million in forced liquidations during the past 24 hours. More than $360 million involved long traders, thus quelling the previous cryptocurrency short squeeze.
The Bitcoin trading pairs registered the highest forced liquidations with about $80 million, closely followed by Ethereum’s with around $43 million. Dogecoin DOGE $0.36 24h volatility: 9.2% Market cap: $52.84 B Vol. 24h: $9.88 B , XRP, XLM, and The Sandbox SAND $0.58 24h volatility: 5.9% Market cap: $1.41 B Vol. 24h: $512.69 M registered the highest forced liquidations in the altcoin market with about $32M, $30M, $17.5M, and $24M respectively.
What Next for the Crypto Market
The heightened crypto liquidations in the recent past have signaled the onset of the highly anticipated parabolic altseason. Already, Bitcoin dominance has reached a major psychological resistance level above 61 percent and has since been forming a macro reversal pattern. Furthermore, the diminishing returns dictate that the largest gains for Bitcoin have already been realized, thus leaving the best opportunities in the altcoin market.
$BTC dominance is now at 59%. My guess is that dominance topped out days ago and is heading to 35%.
In other words: altseason has just started. pic.twitter.com/JK59tRiPit
— Alejandro₿TC (@Alejandro_XBT) November 24, 2024
The impressive performance of some altcoins, led by Dogecoin, XRP, and Solana SOL $246.4 24h volatility: 8.5% Market cap: $120.03 B Vol. 24h: $31.57 B , in the recent past has increased their overall demand. For instance, on-chain data shows that XRP whales purchased over 50 million units in the last 24 hours.
As Coinspeaker explained last week, the chances of a spot Solana ETF in the United States in the coming months remain high, especially after President-elect Donald Trump takes office in January. Already, the Solana (SOL) ecosystem has outshined Ethereum in on-chain activity in the recent past, mostly fueled by its meme coins mania.
Top Altcoins to Consider Ahead
As the altcoin market gains bullish momentum, some projects have signaled an imminent breakout in the near term. For instance, Immutable (IMX) has successfully rebounded from the support level above $1 and several indicators point to a further bull run. Moreover, metaverse-focused projects have been gaining traction in the recent past following the rising demand for NFTs.
Another bullish altcoin is Chainlink LINK $25.92 24h volatility: 1.0% Market cap: $16.38 B Vol. 24h: $3.87 B , which rallied over 23 percent last week to trade at about $18.33 on Monday, during the mid-London session.
The Large-cap altcoin, with a fully diluted valuation of about $18 billion and a daily average traded volume of around $1.5 billion, has received huge support from both retail and institutional investors.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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