Altcoins, including XRP, ADA, and XLM, are riding the big Bitcoin rally to new highs.
Most altcoins are breaching multi-year milestones amid heightened market sentiment.
Bitcoin (BTC), the worldâs leading cryptocurrency, has maintained an upward momentum since Donald Trumpâs US Presidential win. As Bitcoin inches toward the $100,000 mark, altcoins like XRP, Cardano (ADA), and Stellar (XLM) also lead a major rally.
XRP, ADA, and XLM Rally Over 72%
According to Santiment, altcoins like XRP, Cardano, Stellar, Hedera, Mantra, and Algorand are fast increasing their market capitalizations amid Bitcoinâs historic move. The platform predicts that November profits will continue to spread to altcoins if BTC maintains support above $95,000.
đ While eyes have been on Bitcoin making history, altcoins like XRP, Cardano, Stellar, Hedera, Mantra, and Algorand are growing their respective market caps rapidly. As long as BTC maintains a ~$95K+ support , expect November profits to continue redistributing to altcoins. pic.twitter.com/AXNyVd46Ro
â Santiment (@santimentfeed) November 21, 2024
XRP remains a top gainer in the altcoin sector, as its price shot up more than 72% in the past week. With a market capitalization of $79.8 billion, XRP currently ranks as the sixth-largest cryptocurrency. Within the last 24 hours, XRP increased by 25.37% to $1.41, while trading volume increased by over 160%.
XRPâs surge is largely attributed to the ongoing bull market. The coin rose to $1 due to market optimism fueled by its correlation with Bitcoin. Also, as mentioned by CNF, analysts believe that a settlement may open the path to future growth and Exchange-Traded Funds (ETFs).
Additionally, Cardanoâs native token, ADA, increased by 40.89% in the past week to $0.8642. This is the first time in months that ADAâs price has gone past $0.75. The market cap currently stands at $30.4 billion, while the daily trading volume increased by 19.8% to $3.4 billion. As noted in a CNF article, popular crypto analyst Ali Martinez forecasted that ADA may reach $6 by July to September next year.
XLM has also seen large surges over the last 24 hours and 7-day period. At the time of writing, XLM had risen 23.02% in the previous 24 hours and 44.5% in the past week. Stellarâs surge is linked to the blockchainâs increasing adoption among institutional players like Franklin Templeton.Â
Bitcoin Touches $98K, Will Altcoins Follow?
Bitcoin reached a critical milestone this month, breaking through a 1,279-day resistance area between $65,000 and $74,000 since April 2021. The leading coin has breached the key $98,000 price point following a 1.2% daily surge.Â
BTC trades at $98,889 at publication, with a market capitalization of $1.9 trillion. The crypto markets had a major and widespread recovery in the past week, driven by optimism surrounding Donald Trumpâs US election victory. The global market cap briefly crossed the important $3 trillion threshold, pushing to $3.2 billion at press time.
Analysts believe Bitcoin will reach $200,000 by 2025, spurred by favorable market conditions, prospective crypto-friendly policies, and institutional interest. It remains unknown how high the altcoin will soar moving forward.
