The crypto market capitalization reached an all-time high (ATH) today. It surpassed the $3.50 trillion milestone. The Altcoin Season Index of platforms such as Blockchain Center and CoinMarketCap showed that the market has entered the altcoin season, with the endorsement of one of the top analysts, Markus Thielen, CEO of 10x Research. Bitcoin price remained in consolidation mode. On the other hand, cryptos like HBAR, XLM, XRP coin, SUI, ALGO and OM led the rally. Bitcoin dominance fell to 53.80% today.
Altcoin season led the rally in XRP coin, SOL, HBAR, SHIB
According to 10x Research’s December 4th report, the crypto market is witnessing FOMO and panic at the same time. Senior analyst Markus Thielen confirmed that altcoin season is priced in and the trend will continue, potentially expanding trading opportunities. Also, several altcoins climbed in the altcoin season rally after Bitcoin pulled back from the $99,700 range. BTC price has now changed hands at $96k. HBAR recorded a rally of over 600%, while XLM and XRP followed with price gains of over 500% and 400% in the last 90 days.
Notably, the Altcoin Season Index reached 86 today, signaling a great sentiment for further gains in altcoins. Markus Thielen expects demand for the tokens to continue until Donald Trump’s inauguration in January. According to 10x Research, retail-oriented trading volumes in the South Korean crypto market have increased drastically. In the last 24 hours, it reached a high of almost $34 billion. This came as South Korean President Yoon Suk Yeol declared emergency martial law. He is now facing impeachment for this decision.
What are the price expectations?
Ripple (XRP) led the trading volume, followed by Dogecoin (DOGE), Stellar (XLM), Ethereum Name Service (ENS), Hedera (HBAR) and Shiba Inu (SHIB). These high momentum cryptocurrencies are predominantly driven by individual traders, capitalizing on and amplifying momentum-driven trends. Markus Thielen said the market rotation for Ripple XRP ripple shows no signs of slowing down. He added that the rally stands out as “one of the most extraordinary developments in the crypto market this year.”
Moreover, the XRP market capitalization has now surpassed $150 billion, making it the third largest crypto. This explosive move followed a breakout from a long-term triangle pattern catalyzed by the US elections. Come altcoin season, Ethereum and Solana are likely to drive the crypto market again. However, current trends suggest a return to XRP and other legacy cryptos. According to experts, Ethereum price will gradually exceed the $3800 level if it breaks above the $4000 resistance. On the other hand, according to crypto analysts, Solana price will rise towards $400 and $600.
HBAR price is trading at $0.329, down 5% in the last 24 hours. Trading volume decreased by 33% due to profit booking by traders. However, traders are bullish on Hedera amid numerous partnerships and developments during the altcoin season. HBAR price is expected to reach $0.57 next year. Shiba Inu price has risen 4% in the last 24 hours and is currently trading at $0.00003039. Trading volumes in both spot and derivatives markets have increased in the last 24 hours.
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