As the second week of December draws to a close, several altcoins have delivered impressive price performances, with some continuing the bullish momentum established in November. In fact, some of the names had already been predicted by analysts.
In this analysis, BeInCrypto highlights the best-performing altcoins this week and provides insights into what caused their value surge. Check it out!
Hyperliquid (HYPE)
Topping the list of the best altcoins for the second week of December is HYPE, the native token of the decentralized perpetual exchange Hyperliquid. This week, HYPE price increased by 48.60% and reached a new all-time high of $21.48 before recently retreating to $20.70.
This could be linked to the growing demand for the cryptocurrency. Additionally, the fact that some of the HYPE airdrop recipients refrained from selling and it is not yet listed on any centralized exchange contributed to the increase.
If this continues, HYPE's value could continue to rise. The market value, which is also close to US$7 billion, could increase, as it is calculated as the product of price and circulating supply.
Hyperliquid Price Chart. Source: BeInCrypto
However, if the altcoin faces selling pressure in the coming days, this may not happen. Instead, the value could erase some of its recent gains.
Virtual Protocol (VIRTUAL)
VIRTUAL, the AI-based token, is one of the best altcoins to stand out in December as a whole. According to analysts at BeInCrypto, VIRTUAL experienced a significant price increase due to the demand for tokens tied to the AI agent narrative on the rise.
As a result, VIRTUAL’s price has surged 41.50% this week and is currently trading at $2.57. On the daily chart, Bull Bear Power (BBP) is in the positive region, indicating that buying pressure around the altcoin remains dominant.
If this continues, then VIRTUAL could rise much higher than its current value. However, if the bears take control and the selling pressure increases, this could change. In this case, the altcoin’s price could drop to $1.18.
Virtuals Protocol Daily Analysis. Source: TradingView
Aave (AAVE)
Finally, the DeFi token AAVE is another coin that saw considerable gains and was one of the best altcoins in the second week of December. During the period, the value of the token rose 36.20%. This could be linked to whale accumulation and the news that US President-elect Donald Trump's crypto project has purchased the altcoin.
On the daily chart, it doesn’t look like AAVE’s rally is going to slow down any time soon. One reason for this is the Awesome Oscillator (AO), an indicator that measures momentum.
When the AO is negative, the momentum is bearish. However, in this case, the AO reading continued to increase with notable green histogram bars.
Aave Daily Analysis. Source: TradingView
If this trend continues, then the price of AAVE could jump to $440. However, if the altcoin holders decide to take profits, this may not happen, and the value of the crypto could fall to $309.42.
The article These Altcoins Were Above Average Last Week appeared first on BeInCrypto Brasil.
