As a seasoned researcher with years of experience navigating the volatile world of cryptocurrencies, I must admit that this week has been nothing short of exhilarating! The global market reaching a record high of $3.49 trillion is a testament to the ever-growing interest and acceptance of digital assets.
This week, the worldwide cryptocurrency market experienced a significant surge of approximately 11.5%, setting a new record at a staggering worth of around $3.49 trillion. This impressive growth resulted in an additional $358 billion being added to its total value.
During this timeframe, Bitcoin (BTC) experienced a significant increase of more than 8%, as investors made efforts to push past the psychologically significant barrier at $100,000. This enthusiasm extended beyond Bitcoin, influencing other digital currencies in the wider altcoin market as well.
Some standout performers this week included Stellar (XLM), Dogecoin (DOGE), and Cardano (ADA).
Stellar rallies over 190%
In just a week, Stellar experienced an impressive increase of over 190%, reaching $0.4436 – its highest point in 40 months. With increased demand, it stood out as the top performer among the leading 100 cryptocurrencies according to CoinGecko data.
The altcoin was up nearly 430% from its lowest price in July.
As a crypto investor, I experienced a significant surge in my profits on November 23, which was largely due to an announcement by the Federal Reserve. This announcement positioned Stellar as a potential instrument for powering the blockchain element within their upcoming FedNow payment system.
Enthusiasm among traders persists for XLM’s prospects. Recently, in a social media post, analyst Charting Guy – with more than 20,100 followers – pointed out that the price fluctuations over the last seven years have created an Adam and Eve pattern on its one-month graph.
The analyst anticipates a surge beyond the neckline line, linking the max points between Adam and Eve, potentially taking the price up to around $5, which is about 1030% higher than its current value, given it reached an all-time high of $0.8756 on January 3, 2018.
Dogecoin continues its rally
Dogecoin rose by another 27% this week, hitting a new yearly peak of $0.48 on Nov. 23.
The meme coin has seen an impressive 239% gain over the past month and ranks as the fourth most traded cryptocurrency, with 24-hour trading volumes reaching $26 billion.
Looking ahead, some experts predict that the market could attempt another peak near $0.73 in the upcoming period. Moreover, they’ve hinted at even greater milestones the price might reach by the year 2025.
According to independent expert Javon Marks, if Dogecoin surpasses its previous peak, it could potentially increase by approximately 52.2%. Marks predicts that the potential price range for Dogecoin lies between $0.65 and $1.25.
Currently, the technical analysis indicates that the current surge might experience a correction since the price is approaching the upper boundary of the Bollinger Band at $0.5084. Additionally, the Relative Strength Index has gone beyond 82, suggesting that the asset is presently overbought, which could signal a potential reversal.
Cardano reclaims $1
In the last seven days, Cardano has seen a notable resurgence, surpassing the $1 mark for the first time since April 2022.
The altcoin has climbed 43.7% over the past week, trading at $1.08 at the time of writing. Additionally, its daily trading volume has surged by 86% to $8.1 billion, suggesting a growth in its market activity.
In the last two days, a significant portion of the increases were seen, with whales increasingly purchasing the altcoin. As per data from IntoTheBlock, there’s been a substantial increase of more than 220% in the flow of whale holders, transitioning from an outflow of approximately $54.1 million on Nov. 20 to inflows of around $77.2 million on Nov. 22.
The rally received a boost from a significant increase in open interest, which climbed more than 27% and exceeded $985 million, as reported by CoinGlass.
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2024-11-23 17:36