Ethereum, XRP and Cardano Outshine in Altcoin Market Rally
The altcoin market remains robust, adding an extra 2% to the overall cryptocurrency market cap. Leading altcoins are displaying remarkable resilience, particularly following the recent release of US job data just two days ago. Notably, the entire altcoin market has broken free from its year-long market pattern and is currently facing a substantial weekly resistance level.
Altcoin Market Cap approaching its first major Weekly resistance (red) after confirming a breakout from its year-long market structure#BTC #Crypto #Bitcoin pic.twitter.com/IHfMThSz6k
— Rekt Capital (@rektcapital) November 5, 2023
Ethereum, XRP and Cardano Lead the Show
The world’s second-largest cryptocurrency Ethereum (ETH) is up by another 3% for the second consecutive day moving closer to $2,000. At press time, ETH is trading at $1893 with a market cap of $227 billion.
While Ethereum has been relatively slow in catching up with the Bitcoin rally this year, large wallets have been accumulating the crypto consistently over the past six months. On the other hand, the Ethereum supply on the exchanges has been reducing consistently thereby reducing the selling pressure.
Ripple’s native crypto XRPP has also been a star performer by clocking more than 15% weekly gains. The XRP price is up 4.54% over the last 24 hours trading at $0.64 with a market cap of $34.4 billion.
Large XRP transactions exceeding $100,000 in value surged in November, indicating increased potential for volatility in XRP’s price. Data from Santiment reveals a 106% increase in the number of whale transactions so far this month.
Investors continue to gain confidence in XRP as Ripple edges closer to victory in its legal battle with the SEC. It’s a matter of a few months, if not weeks, as Ripple emerges victorious and we soon see more adoption for XRP by global financial institutions. For now, XRP investors seem to gearing up for the next target of $1.
Ethereum competitor Cardano (ADA) has also registered a strong bullish surge gaining 5.25% and moving to $0.35. As reported, the ADA price continues to gain strength with strong whale participation.
Chainlink Party continues
Chainlink (LINK) has continued to rally gaining another 7% and moving past $12. The LINK price is currently trading at a major resistance, surpassing which could lead to a further price rally.
Now at the Monthly Macro Downtrend
Last time it was here was in early & late 2021 where LINK produced upside wicks past this Downtrend resistance (blue circles)
That's why LINK needs to reclaim the Downtrend as support
Matter of when, not if#LINK #Crypto #Chainlink pic.twitter.com/hZArrVdvFa
— Rekt Capital (@rektcapital) November 5, 2023
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