In previous bull markets, the last month of the year usually brings huge price increases for cryptos. So, altcoin gains in the first week of December 2024 may not surprise experienced crypto investors who have witnessed similar rallies many times. According to analyst Victor Olanrewaju, these gains could be linked to massive buying pressure, capital rotation from large-cap coins, and several other reasons. However, the biggest altcoin gainers include Hyperliquid (HYPE coin), Hedera (HBAR) and JasmyCoin (JASMY).
In December, HYPE coin gained the most
Hyperliquid’s HYPE is leading this week’s altcoin winners. Over the last seven days, its price has surged 122% due to significant buying pressure. On November 29, Hyperliquid distributed 310 million HYPE tokens to its community. Since then, the altcoin’s price has risen from $3.90 to $14.78. This surge was accelerated this week by news that crypto exchanges Bybit and OKX listed HYPE pre-market, suggesting that a full listing is not far away. If these platforms list the altcoin, trading volume could increase, leading to a higher price for HYPE. If this happens next week, the altcoin could again be one of the biggest gainers. Therefore, investors may need to keep an eye on developments regarding the token.
HBAR and JASMY are also on the list
HBAR is another crypto inseparable from the December 2024 altcoin winners. Like HYPE, the altcoin’s value increased by over 100% this week. During the week, the Open Interest (OI) around HBAR reached a peak not seen in years. According to the analyst, this increase in OI, along with buying pressure in the derivatives market, suggests that there is a lot of speculative activity around the cryptocurrency. From a technical perspective, a bull flag is forming on the 4-hour chart.
An important technical analysis chart pattern, a bull flag usually signals the continuation of an uptrend. Characterized by a sharp price increase followed by a brief consolidation phase resembling a flag, this pattern indicates a temporary pause before upward momentum resumes. According to the analyst, with this pattern in place, HBAR’s price could rise towards $0.50 once it breaks through the $0.39 resistance. However, if the bears resist the breakout, this might not happen and the price could fall to $0.29.
On the other hand, JasmyCoin ranks third in the list of altcoin gainers for December 2024. This week, JASMY surged by 91% and is currently trading at $0.051. As a result, its market capitalization has surpassed $2.5 billion. Considering the positive Moving Average Convergence Divergence (MACD), it appears that JASMY’s price could be higher in the short term. This is because a positive MACD implies bullish momentum. Hence, if this remains the same, the altcoin’s value could soon climb to $0.059 or higher. On the other hand, according to the analyst, if profit-taking comes into play, this might not materialize and the token could fall to $0.043.
To stay up-to-date with the breaking news, follow us on Twitter, Facebook, and Instagram. Join our Telegram and YouTube channel
