As the market enters the last month of the year, investors and traders are on the lookout for the most promising assets. Q4 typically serves as a key determinant for whether or not a new price high will be recorded.
According to data from on-chain analytics platforms, 3 major altcoins are seeing a significant spike in market valuation.
The new development comes when the apex cryptocurrency, Bitcoin, is still dancing around the $44,000 as it teases the $50,000 price mark. The surge in market valuation came after Altcoins saw a nice rebound day and ushered in mild daily gains.
As Santiment’s data read,
“Altcoins like Polkadot, Avalanche, and LidoDao have enjoyed nice market cap growth as Bitcoin continues teasing a possible $40K market value before 2024. Note BTC’s declining social volume & rise in interest in others, which typically hints at a slight crowd greed bias.”
Notably, Cardano and XRP have made up the list of some of the highest-performing altcoins in the top 10 category. Cardano has seen a 50% spike in weekly gain, while XRP has raked in more than 10% within the same timeframe.
At report time, ADA and XRP are trading for $0.59 and $0.67 respectively. Shiba Inu is also following a similar pattern. Selling for $0.000010, SHIB has soared by more than 31% in the last 30 days.
Meanwhile, Bitcoin (BTC) is trading for $43,946 at report time. The apex cryptocurrency hit a new yearly high of $44,620 before retracting to its current price levels.
Analysts are bullish on the cryptocurrency and have pointed to technical signals to back up their current position in the market. “The target of this month-long ascending triangle is $52,000.” one analyst wrote. He further highlighted that Bitcoin was attempting to retest a breakout area.
As charts show, buying pressure has increased over the past weeks despite bearish attempts to dominate the market. In the long term, a downward or upward correction might be recorded depending on whether the bears or the bulls succeed in maintaining stability.