Altcoins
Ethereum, XRP and Cardano lead the show
The altcoin market remains robust, adding another 2% to the overall cryptocurrency market capitalization. Major altcoins are showing remarkable resilience, especially after the recent release of US employment data just two days ago. Notably, the entire altcoin market has broken free from its year-old market structure and is currently facing a significant weekly resistance level.
Ethereum, XRP and Cardano lead the show
Ethereum (ETH), the world’s second-largest cryptocurrency, is up another 3% for the second day in a row, closing in on $2,000. At press time, ETH is trading at $1,893 with a market cap of $227 billion.
Although Ethereum has been relatively slow to catch up to Bitcoin’s rally this year, large wallets have been accumulating the crypto steadily over the past six months. On the other hand, the supply of Ethereum on exchanges has been steadily decreasing, thereby reducing selling pressure.
Courtesy of: Santiment
Ripple’s native crypto XRPP was also a star performer recording over 15% weekly gains. XRP price increased by 4.54% in the last 24 hours to $0.64 with a market cap of $34.4 billion.
Large XRP transactions worth over $100,000 surged in November, indicating increased potential for XRP price volatility. Santiment data reveals a 106% increase in the number of whale transactions so far this month.
Courtesy of: Santiment
Investors continue to gain confidence in XRP as Ripple gets closer to victory in its legal battle with the SEC. It is only a matter of months, if not weeks, when Ripple emerges victorious and we will soon see greater adoption of XRP by global financial institutions. For now, XRP investors appear to be preparing for the next $1 target.
Ethereum competitor Cardano (ADA) also saw a strong bullish surge, gaining 5.25% and rising to $0.35. As reportedADA price continues to strengthen with strong whale participation.
The Chainlink party continues
Chainlink (LINK) continued to rebound, gaining another 7% and surpassing $12. LINK price is currently trading at major resistance, breaking which could lead to further price rises.