Altcoins
Some Altcoins Surpass Bitcoin Today With Double-Digit Gains
Bitcoin is not the only digital asset to make big gains at the start of the year. A number of altcoins are also booming, and a handful of them have dominated the markets for months, with analysts predicting huge gains in 2024.
The total crypto market capitalization reached its highest level since May 2022, reaching $1.82 trillion on January 2.
Bitcoin Takes a Step Back: Altcoins Could Be Poised for Phenomenal Highs
Bitcoin dominates the markets with a 7% reach $45,000 for the first time in almost two years. However, some altcoins are currently making even greater gains.
On January 1, crypto analyst “Rekt Capital” took a technical look at the altcoin’s market cap performance by observing historical retest patterns.
He noted that when altcoin markets successfully completed historical retests, a third retest followed in the weeks that followed. This level would then “act as a springboard to phenomenal heights,” he said.
New Altcoin Market Cap Tests. Source: X/@rektcapital
Altcoin market capitalization broke out of its sideways channel in November 2023 and has been growing ever since. However, there are a few notable assets that are growing from strength to strength.
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Solana (GROUND) has been one of the best performing altcoins in recent months. The blockchain token gained another 11% on the day to trade at $112 at the time of writing.
Additionally, SOL prices have soared 200% over the past two months. However, it is currently overheated and could be due to recoil. SOL is currently down about 57% from its all-time high of $260 in November 2021.
Moving LINK and AVAX
Chain link is another altcoin that has performed well recently. Additionally, LINK is up 5.7% on the day at $15.82 at the time of writing.
MN Trading CEO and founder Michaël van de Poppe included LINK in his top five altcoins for 2024. He said most altcoin buyers come in during the last 10-20% of the rally, it is why he I did not recommend SOL at present.
Trader’Satoshi Pinball’ said its 170,000 subscribers
“It’s only a short time before LINK under $20 and ETH under $2,500 becomes nothing more than a fantasy.”
Other altcoins van de Poppe added to his 2024 portfolio were EthereumOptimism (OP), Arbitration (ARB), and Sui (SUI).
The one that wasn’t mentioned but was just as strong was avalanche (AVAX). This token surged 12% on the day to $42.67 at the time of writing. AVAX has gained 280% in the last two months, but it too could be overheated.
Other altcoins outperforming Bitcoin at the moment include Close protocol (NEAR), Filecoin (SON), Injective (INJ), Hedera (HBAR), Immutable (IMX), Lido DAO (LDO) and batteries (STX).
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