The altcoin market cap has made a strong breakout from its year-long build, with Ethereum seeing the next target at $2,000. As belief in the bull run increases, 4 altcoins are leading this run. Meanwhile, cryptocurrency whales continue to collect these coins.
As leading altcoin whale accumulation increases and exchange supply decreases
cryptokoin.comAs you follow from , the altcoin market continues to lead strongly, adding another 2% to the cryptocurrency market value. The largest altcoins are showing great strength since the release of US jobs data. The entire altcoin market cap showed a significant break from the year-long market structure. Now it is facing a major weekly resistance. Popular analyst Rekt Capital makes the following statement for this situation:
Altcoin Market Cap is approaching its first major Weekly resistance (red) after confirming a breakout from the year-long market structure.
Leading altcoin Ethereum (ETH) rose another 3% for the second day in a row, approaching $2,000. At press time, ETH was trading at $1,880 with a market cap of $226.2 billion. Meanwhile, Ethereum has been relatively slow to catch up with Bitcoin’s rally this year. However, whales have been steadily accumulating crypto for the last six months. On the other hand, the supply of Ethereum on exchanges is constantly decreasing. This means that the selling pressure also decreases.
Ripple and Cardano are also among the market leaders
Ripple’s native crypto XRP has also been a stellar performer, gaining more than 15% for the week. At the time of writing, the altcoin price was trading at $0.645, up 5.66% in the last 24 hours. Thus, XRP market value reached $34.4 billion. Large XRP transactions worth over $100,000 increased in November. This shows that the potential for fluctuation in the price of XRP is increasing. Data from Santiment reveals a 106% increase in the number of whale transactions so far this month.
Investors continue to have confidence in XRP as Ripple moves closer to victory in its legal battle with the SEC. It is a matter of months, if not weeks, for Ripple to emerge victorious and for XRP to gain greater adoption by global financial institutions. For now, XRP investors seem to be preparing for the next target of $1.
Ethereum rival Cardano (ADA) also gained 7.37% to $0.34.8. Thus, the altcoin recorded a strong rise. As we reported, ADA price continues to gain strength on strong whale participation.
“Higher highs for this altcoin are a matter of time!”
Finally, Chainlink (LINK) continued its rise by gaining another 7% in value. Meanwhile, following strong moves, the altcoin price crossed $12. LINK price is currently trading at a major resistance. Overcoming this resistance could lead to further increases in prices. The analyst shares the following assessment for LINK:
Now the monthly macro is in a downtrend. The last time it was here was in early and late 2021 when LINK produced upside wicks that crossed this Downtrend resistance (blue circles). Therefore, LINK needs to reclaim the Downtrend as support. It’s not a matter of when or if it will happen.
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