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While Bitcoin (BTC) seems to be resting and flirting around the $44,000 level, altcoins have been raging in with the rally even further extended to some of the small-cap altcoins. Over the last seven days, the altcoin space has added $100 billion to the broader crypto market.
The Altcoin Market Rally
On Friday, the world’s second-largest crypto Ethereum (ETH) saw a strong rally moving past $2,300 as the Ethereum network gears up for the Dencun hardfork in January 2024. While the ETH price has been moving sideways as of now, analysts believe that the rally can continue further after the recent breakout.
There's still a lot of upside for #Ethereum after this breakout above a crucial resistance. pic.twitter.com/Elz6yDRewo
— Michaël van de Poppe (@CryptoMichNL) December 8, 2023
On the other hand, Cardano (ADA) has been making massive moves. The ADA price is currently up by a staggering 26% trading at $0.59 with a market cap of $20.9 billion. Over the last week, the ADA price has surged by a staggering 53%.
$ADA’s current trend mirrors 2018-2020, excluding the COVID-19 dip. If the pattern persists, anticipate ADA breaking $0.45 resistance, with a potential rally to $1 by late December!
Avalanche (AVAX) is another cryptocurrency in the top ten list registering double-digit gains. In the last 24 hours, the AVAX price is up by 17% shooting past $31. With this, AVAX has extended its gains to more than 43%. Earlier this week, the Avalanche (AVAX) altcoin entered the top ten list and there’s been no looking back since then.
As per on-chain data provider Santiment, the social sentiment surrounding altcoins is too euphoric and thus, investors should be cautious about that.
📈 The notable #crypto market leaders over the past 24 hours are #Cardano (+19%), #Solana (+11%), and #Optimism (+11%). Each is seeing one of their highest social dominance days of 2023. With this implied #FOMO kicking in, proceeding with caution is wise. https://t.co/QvxDrofqJt pic.twitter.com/aUqIDoCLho
— Santiment (@santimentfeed) December 8, 2023
Polygon (MATIC) and Polkadot (DOT) Join the Party
While the top ten altcoins have grabbed all the limelight recently, the small-cap altcoins have been also making big moves. Polygon’s native cryptocurrency MATIC is up 7.8% in the last 24 hours, once again moving past $0.91.
Crypto analyst Ali Martinez notes significant accumulation of $MATIC between $0.80 and $0.86, with 42,000 addresses holding nearly 5.8 billion MATIC in this crucial demand zone. With limited resistance, Polygon appears set for a bullish run if this level remains intact.
Similarly, Polkadot (DOT) has surged a staggering 19% shooting all the way to $7.5 with a market cap of $9.3 billion. The DOT price is already up by more than 36% on the weekly chart.
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