Altcoins
Polygon (MATIC) and Polkadot (DOT) join the party
While Bitcoin (BTC) appears to be resting and flirting around the $44,000 level, altcoins are raging, with the rally extending even further to some of the small-cap altcoins. Over the past seven days, the altcoin space has added $100 billion to the broader crypto market.
The Altcoin Market Rally
The world’s second-largest crypto Ethereum (ETH) saw a surge surpassing $2,300 on Friday as the Ethereum network prepares for the Dencun rigid fork in January 2024. While the ETH price is moving sideways so far, analysts believe that the rally may continue after the recent breakout.
On the other hand, Cardano (ADA) has taken massive steps. ADA price is currently up 26% at $0.59 with a market cap of $20.9 billion. Over the past week, the price of ADA has surged 53%.
The current $ADA trend reflects the 2018-2020 period, excluding the COVID-19 decline. If the trend persists, expect ADA to break resistance at $0.45, with a potential rebound to $1 by the end of December!
Avalanche (AVAX) is another cryptocurrency in the top ten list recording double-digit gains. Over the past 24 hours, AVAX price has increased by 17%, surpassing $31. With this, AVAX extended its gains to over 43%. Earlier this week, the altcoin Avalanche (AVAX) entered the top ten list and since then, there has been no turning back.
According to on-chain data provider Santiment, the social sentiment surrounding altcoins is too euphoric and therefore investors should be cautious about it.
Polygon (MATIC) and Polkadot (DOT) join the party
While the top ten altcoins have attracted attention recently, small-cap altcoins have also made great strides. Polygon’s native cryptocurrency MATIC is up 7.8% in the past 24 hours, surpassing $0.91 again.
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 poised for an uptrend if this level remains intact.
Courtesy: Ali Martinez
Similarly, Polkadot (DOT) climbed 19% to $7.5 with a market cap of $9.3 billion. DOT price is already up over 36% on the weekly chart.