The total crypto market capitalization has crossed the $3.5 trillion mark, with several altcoins outperforming others.
The total crypto market is currently at $3.51 trillion, adding about $358 billion in valuation.
Dogecoin and Cardano were top performers this week, recording significant growth amid the bull run which pushed the total crypto market capitalization past $3.5 trillion.
Bitcoin is yet to hit the $100,000 milestone which the entire industry is waiting for despite coming so close. Buyers attempted to push Bitcoin past this $100,000 psychological resistance with the crypto asset coming as close as $99,000.
The surge in Buying momentum spilled into the altcoins and got them to overperform.
Dogecoin
Dogecoin rose by 27% this week maintaining its position as one of the top-performing altcoins. The memecoin hit a yearly peak of $0.48 yesterday but has cooled to $0.4287 at the time of this report.
- The meme coin has seen an impressive 210% gain over the past month and ranks as the fourth most traded cryptocurrency, with 24-hour trading volumes reaching $26 billion.
- As the bull market continues the market anticipates a potential retest of the 0.73 price level. Analysts have pointed out the potential of even higher targets for 2025.
- Experienced analyst Javon Marks shared his technical analysis of Dogecoin predicting the target range of the price.
“(Dogecoin)’s prices are back surging here towards the $0.6533 and can be heading towards a meeting & breaking of it! Another +52.2% upside could be well on the way, coming quickly, and with a break above $0.6533, $1.25+ comes into play”
Meanwhile, considering other technical indicators like the upper Bollinger Band and Relative strength index the recent rally could suffer a pullback as the RSI indicates that the asset is at the moment overbought.
Cardano hits $1
Cardano is another altcoin that performed well during the week. The altcoin crossed the $1 price level during the week for the first time still April 2022.
- The altcoin has climbed 43.7% over the past week, trading at $1.08 at the time of writing. Additionally, its daily trading volume has surged by 86% to $8.1 billion, suggesting a growth in its market activity.
- Increased whale activity also contributed to the surge of Cardano
- According to data from IntoTheBlock, Cardano whale holder netflow has surged by over 220%, shifting from an outflow of $54.1 million on Nov. 20 to an inflow of $77.2 million on Nov. 22.
Increased whale activity reveals heightened interest in the Altcoin following its performance this week.
What to Know
- The price action of Bitcoin is known to have a ripple effect on Altcoins. So given the current bull run where Bitcoin has been surging in price Altcoins are bound to follow suit.
- Bitcoin is currently exchanging hands at $98,197 dropping by 0.4% in the last 24 hours. Analysts strongly believe the asset will hit $100,000.