Bitcoin (BTC) entering the price discovery phase of the 2024/2025 bull run has breathed new life into the altcoin market, with Ethereum (ETH), Dogecoin (DOGE) and Solana (SOL) taking the lead. As of Monday, November 11, the cryptocurrency market capitalization (excluding Bitcoin and Ethereum) has jumped to approximately $717 billion, recovering from key support levels in mid-London.
With Bitcoin dominance approaching major resistance levels around 60%, a reversal could be imminent. This could spark the start of the long-awaited altcoin season, pushing altcoins into a parabolic rally.
Meanwhile, rising support for pro-cryptocurrency candidates in the United States, led by Donald Trump, and massive inflows into cryptocurrency investment products helped bolster overall bullish sentiment.
FLOKES
After Dogecoin (DOGE) surged more than 85% last week, other meme coins followed suit, with Floki (FLOKI) leading the gains. With over 417,000 on-chain holders, Floki gained 44% last week, breaking out of a long-standing falling wedge.
Valued at $1.76 billion (fully diluted) and with an average daily trading volume of $1.4 billion, this mid-cap altcoin is about to enter a parabolic phase.
CAKE
The DeFi space continues to play an important role in the widespread adoption of digital assets. Many experts believe that DeFi-related altcoins will perform well in the coming months, especially as U.S. regulation is expected to become clearer.
PancakeSwap (CAKE), a small-cap altcoin with a fully diluted valuation of $769 million and daily trading volume of around $162 million, has already made a significant impact. Listed on Binance, the project has grown into a leading decentralized exchange (DEX) with a total value locked (TVL) of over $1.27 billion.
IN
The layer-1 space, which focuses on tokenizing real-world assets (RWAs) and supporting DeFi development, is expected to unlock trillions of dollars in value. In this space, Filecoin (FIL) shows the potential for a bullish breakout after being stuck in a long-term downtrend.
