3 Altcoins Ready for Crazy Prices, Bitcoin Jumps to $50,000
As the market enters the final months of the year, investors and traders are looking for the most promising assets. The fourth quarter is usually a key deciding factor in whether new price highs will be recorded.
Data from an on-chain analytics platform shows that the market values of three major altcoins are rising significantly.
The new development comes at a time when Bitcoin, the peak cryptocurrency, is still dancing around $44,000, having teased the $50,000 price mark. The surge in market value comes after the altcoin had a nice rally and posted a small daily gain.
XRP, Cardano (ADA), and Shiba Inu (SHIB) are the three altcoins at the top of the list.
If you read Santiment’s data,
“Altcoins such as Polkadot, Avalanche, and LidoDao have enjoyed market capitalization growth as Bitcoin continues to herald a possible $40,000 market cap before 2024. Note the decline in BTC’s social volume and increased interest in others. This usually suggests some crowd greed bias. ”
In particular, Cardano and XRP made up the list of best-performing altcoins in the top 10 categories. Cardano has seen its weekly gains surge by 50%, while XRP is up more than 10% over the same period.
At the time of reporting, ADA and XRP are trading at $0.59 and $0.67, respectively. Shiba Inus follow a similar pattern. SHIB, which sells for $0.000010, has surged more than 31% in the past 30 days.
Meanwhile, Bitcoin (BTC) is trading at $43,946 at the time of reporting. The peak cryptocurrency hit a yearly high of $44,620 before retreating to current price levels.
Analysts are bullish on the cryptocurrency and have pointed out technical signals that support its current position in the market. “The target for this month’s ascending triangle is $52,000.” one analyst wrote: He also highlighted that Bitcoin is attempting to retest its breakout zone.
As you can see from the chart, buying pressure has increased over the past few weeks despite the bears’ attempts to take control of the market. In the long run, either downward or upward corrections may be recorded, depending on whether the downtrend or the uptrend maintains stability.
