As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed various bull and bear cycles, and the current surge in the crypto market is no exception. The altcoin industry, fueled by the TOTAL2 market cap’s surge to an all-time high, has caught my attention, particularly the performance of previously overlooked projects like Ripple Labs XRP, Litecoin, Cardano, and Algorand.
The overall value of the cryptocurrency market has reached an unprecedented peak of approximately $3.71 trillion, primarily driven by the booming altcoin sector. Notably, this figure excludes Ethereum, which currently stands at a market cap of $463.26 billion and a 24-hour volatility of 7.9%. In the past 24 hours, its trading volume has amounted to around $47.04 billion. Today, the total altcoin market cap soared beyond $1.1 trillion, leading to an influx of investors seeking undervalued opportunities in altcoins for potential profit maximization.
Furthermore, previously dismissed altcoins like Ripple‘s XRP, Litecoin, and Cardano have shown significant growth over the past five weeks. Interestingly, Bitcoin‘s market dominance has decreased by approximately 10% in the last three weeks, falling from over 61% to around 54%.
Algorand Token Emerges Top Contender in Ongoing Altseason
Over the past few weeks, Algorand’s native token, ALGO, has stood out as a top performer. As per recent crypto predictions, ALGO’s price has skyrocketed over 400% in the last five weeks, marking its first trade above 50 cents in more than 30 months. Here are some key details:
Due to recent developments, the mid-sized altcoin (valued at approximately $4.2 billion) has broken free from its long-term downward trajectory. From a technical standpoint, the ALGO price has exhibited a pattern of successive higher highs and higher lows in weekly charts, a typical sign of an uptrend market movement.
In addition, the weekly Relative Strength Index (RSI) has climbed above 70% for the first time since 2021, suggesting that the bulls are currently in charge. Yet, achieving Algo’s record high, which lies 85% distant, may involve short-term drops of up to 30%, often viewed as a potential long-term buying chance by many experts.
Major Factors Driving ALGO Up
In the last while, Algorand’s significant recovery is greatly supported by strong underlying factors. Notably, the Algorand network has expanded into a lively Web3 ecosystem, boasting a total value locked (TVL) of more than $194 million and over $50 million in stablecoins market capitalization.
Since December 1st, the activity on the Active $ALGO addresses has surged by more than 300%, indicating a substantial increase in network engagement.
— IntoTheBlock (@intotheblock) December 4, 2024
Based on analysis by IntoTheBlock of on-chain data, the number of daily active addresses on the Algorand network has increased by over 300% within the past four days, reaching approximately 313,371. This surge in activity is likely due to the Algorand blockchain’s advantages such as ultra-low transaction fees and instant finality, which are attracting more DeFi (Decentralized Finance) developers to explore its potential.
On the Algorand platform, some of the leading DeFi projects include Folks Finance, Algomint, Tinyman, Algorai Finance, and Vestige, alongside several others. To maintain customer interest, Algorand is planning to introduce staking rewards by the end of December, with a minimum solo stake requirement of 30,000 ALGO coins.
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2024-12-04 18:57