Evaluating Altcoins in the Cryptocurrency Market
In a recent analysis, Glassnode co-founders Jan Happel and Yan Allemann, known as Negentropic, shared their perspectives on altcoins in the cryptocurrency market. They questioned when altcoins would start gaining significant ground as they have been trailing behind Bitcoin for some time.
Negentropic noted that while Bitcoin has been leading the market trends, there are signs of progress in the total market capitalization of altcoins. Ethereum, in particular, has closely followed Bitcoin’s lead. This observation suggests that a broader surge in the altcoin market may be on the horizon.
Ethereum (ETH)
Amidst the upward momentum observed across various cryptocurrencies, Ethereum has also experienced significant growth. Renowned crypto trading expert Ali Martinez believes that Ethereum surpassing $2,000 could be a prime buying opportunity based on traders acquiring a substantial volume of ETH at this price level.
Currently, Ethereum is trading at $2,250 with a slight loss of -0.43% on the day. It has seen a 10.39% increase over the previous week and a 20.02% advance on its monthly chart as of December 7.
Solana (SOL)
Solana has also seen gains in the past month along with the broader cryptocurrency market, with over 50% growth. The cryptocurrency is approaching an ascending triangle pattern on its 12-hour chart, indicating potential upward movement.
To confirm a bullish breakout targeting $90, Solana needs to close above $68.2. However, caution is advised as weakness around the $60 support level could lead to profit-taking and potentially drive SOL down to $47.
As of now, Solana is priced at $63.92, showing a 0.77% increase for the day, a 5.87% gain over the previous week, and a significant 52.45% increase on its monthly chart.
XRP (XRP)
While XRP has not demonstrated comparable performance to other cryptocurrencies recently, there are optimistic forecasts for a bullish rally. Crypto analyst FieryTrading expressed positivity for XRP, proposing a potential target of $25 for the digital asset.
FieryTrading identified a consolidating pattern in XRP marked by higher lows and lower highs, resembling a bull flag formation that occurred after a significant surge in 2017.
Currently, XRP is trading at $0.63, recording daily gains of 1.28%. Over the past seven days, XRP has seen a 4.81% increase, but it has experienced a monthly loss of -7.42%.
Hot Take: Investing with Caution in Volatile Market
With Ethereum, Solana, and XRP showcasing strong performance recently, it’s crucial to remember that the cryptocurrency market is highly volatile. Investors should exercise caution and conduct thorough research before allocating their resources.
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