Altcoin Market Cap Approaching Major Resistance
The altcoin market continues to strengthen, adding 2% to the cryptocurrency market cap on a Sunday morning. This surge in strength has been observed since the release of US jobs data two days ago. The altcoin market cap has broken out of its year-long market structure and is now approaching a major weekly resistance level.
Ethereum, XRP, and Cardano Leading the Way
The second-largest cryptocurrency, Ethereum (ETH), has seen a 3% increase for the second consecutive day, bringing it closer to $2,000. At the moment, ETH is trading at $1,893 with a market cap of $227 billion. While Ethereum has been slower to catch up with Bitcoin’s rally this year, large wallets have been consistently accumulating ETH over the past six months. Additionally, the supply of Ethereum on exchanges has been decreasing steadily, reducing selling pressure.
Ripple’s native crypto, XRP, has also performed well with weekly gains of over 15%. Over the past 24 hours, XRP’s price has increased by 4.54%, reaching $0.64 with a market cap of $34.4 billion. November has seen a significant increase in whale transactions for XRP, indicating potential volatility in its price.
Investor confidence in XRP is growing as Ripple moves closer to victory in its legal battle with the SEC. It is expected that Ripple will emerge victorious in the coming months or even weeks, leading to increased adoption of XRP by global financial institutions. XRP investors are now preparing for the next target of $1.
Cardano (ADA), a competitor of Ethereum, has also experienced a strong bullish surge with a gain of 5.25% and a move to $0.35. ADA’s price has been steadily increasing, and strong whale participation has contributed to its strength.
Chainlink Continues to Rally
Chainlink (LINK) has seen another rally, gaining 7% and surpassing the $12 mark. The current price of LINK is at a major resistance level, and if it can break through, further price gains may follow.
Hot Take: Altcoins Show Resilience and Potential for Growth
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The altcoin market is displaying strength and resilience, with top altcoins like Ethereum, XRP, Cardano, and Chainlink leading the way. These cryptocurrencies have shown significant gains in recent days, indicating potential for further growth. With positive developments such as reduced selling pressure, increased investor confidence, and the possibility of legal victories, altcoins are poised for success in the future. As always, do your research before investing in cryptocurrencies to make informed decisions about your finances.
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