Bitcoin's price continues to reach new highs, breaking the $99,000 barrier, invigorating the entire cryptocurrency market. Established altcoins are also emerging, with Ripple (XRP) being particularly eye-catching.
In contrast to the booming Meme market, established altcoins seem to be quietly rising; they may not attract as much attention as meme coins, but they are accumulating market interest with steady increases.
As of November 18, the weekly trading volume of altcoins surged to over $300 billion for the first time since 2021. Among them, the trading volume of the four major tokens, DOGE, XRP, SOL, and PEPE, accounted for 60% of the total trading volume.
Since November, XRP has quietly risen from around $0.5 to a peak of $1.435, an increase of 182.4%, reaching a new high in over three years; ADA has surged from $0.33 to $0.9, with a nearly 170% increase this month; XLM has risen from $0.09 to $0.294, with an increase of over 220%. These signs seem to indicate that established altcoins are gradually shaking off their slump and reshaping their market position through actual performance.
If this trend continues, the revival of established coins intertwined with the activity of hot tokens may lead to a broader 'altcoin season' in the future market.
Ethereum has broken through the daily resistance level today, which will drive the Ethereum-based altcoins. Now let’s summarize the Ethereum-based altcoins.
ETH layer2:
ARB, OP, ZK, STRK, METIS, MANTA, CELO.MNT, MATIC, IMX, SKL, LRC, CTSI, BOBA, COMBO, MODE.
As ETH aims to become the global computer, Layer2's responsibility is to support the prosperity of the ETH ecosystem with high TPS and low GAS. Its importance and value are self-evident.
At the same time, layer2 is the highest market cap sector in the ETH ecosystem. Most projects are also typical of the recently criticized low liquidity high FDV institutional coins. ARB, OP, STRK, as three of the four kings, all have FDVs exceeding $10 billion.
ETH staking/re-staking:
LDO, SSV, PRL, SD, FXS, ANKR, ETHEI, REZ.
The LSD protocol mainly refers to the staking services related to nodes that emerged after the ETH Shanghai upgrade transitioned from POW to POS. LD0 is the largest service provider, holding the highest TVL in the network, with a circulating market value of $2 billion. SSV is a relatively important infrastructure.
ETH established DEFI:
UNI, SUSHI, AAVE, COMP, CRV, MKR, LOTY DEFI should be the ones everyone is most familiar with.
As the largest innovation sector in the previous bull market, DeFi applications have permeated various aspects of on-chain daily life. Due to the maturity of DeFi, this cycle is mainly based on previous upgrades, and the innovation is not sufficient. ETH memes: PEPE, SHIB, SPX memes are very strong sectors in this bull market; holding a small amount is not a problem.
When ETH rises, altcoins continue to rise; when Bitcoin rises, altcoins keep falling. What does this indicate? It indicates that BTC's rise is unrelated to the funds within the circle, driven entirely by institutions, and the funds from institutions do not spill over to altcoins. In contrast, ETH's rise is genuinely driven by internal funds, which can trigger the explosion of altcoins!
Three major cryptocurrencies to watch this weekend
1.SOL
The Solana chain is currently one of the hottest tracks.
Its on-chain applications are increasing, especially in gaming and finance. Solana's ecosystem continues to expand, and every day, people are making significant profits through Solana.
SOL is expected to continue performing strongly in the upcoming bull market.
2.XRP
With strong institutional control, XRP remains strong due to positive progress in legal disputes between Ripple and the U.S. Securities and Exchange Commission.
The long-standing case is about to conclude, and many predict a positive outcome. The increased likelihood of Ripple overcoming the legal dispute has boosted market confidence, and XRP's growing popularity in international payments makes it one of the most noteworthy altcoins.
3.SUI
The uniqueness of Sui lies in its strong focus on user experience. It breaks down the barriers that typically make blockchain difficult to use. With features like easy login, sponsored free transactions, and customizable transaction steps, Sui ensures that applications are simple and user-friendly.
In today's market, people are looking for tokens that are not only technologically advanced but also easy to use.
Compared to other tokens, Sui's focus on cutting-edge technology and user-friendliness may make it an attractive choice for those interested in the future of Web3.
