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Coin Edition -
- Altcoin market cap achieved a notable landmark last week.
- The crypto metric closed above $425 billion for the first time since November 2021.
- Analysts believe it is a pivotal moment for the altcoins market.
The altcoin market capitalization, which includes cryptocurrencies outside the top 10, reached a significant milestone last week, closing above $425 billion for the first time since November 2021. At its peak, the market cap hit $451.28 billion, marking one of the strongest performances in recent months.
Altcoin Market Cap has Weekly Closed above $425bn (black) for the first time since November 2021#BTC #Crypto #Bitcoin pic.twitter.com/TtvCpdeiTA— Rekt Capital (@rektcapital) December 9, 2024
However, a slight pullback followed, with the market cap dropping to $413.53 billion as the new week began, according to TradingView data. Analysts view the $425 billion mark as a critical support level that could signal the next phase of the altcoin rally, led by coins like XRP and ADA.
Pullback Signals Consolidation, Not Alarm
While the market’s decline at the start of the week may concern some traders, analysts see it as a typical market behavior. Historical data suggests that this region holds key levels for traders to monitor. A crypto analyst responding to the original post emphasized that this area could mark a turning point for the altcoin market.
According to the analyst, closing above $425 billion for the first time since November 2021 could signal a momentum shift in that a triangle pattern formation is emerging, and its breakout or breakdown will likely dictate the next phase of the altcoin rally.
Altcoin Rally Driven by Utility Coins and Memecoins
The altcoin market saw a remarkable 138% increase in capital inflows over the past five weeks. Utility coins like XRP, XLM, ADA, and VET led the surge, alongside newer cryptocurrencies and memecoins, which posted notable gains. Analysts anticipate continued growth for the altcoin market in the coming weeks and months.
Many crypto enthusiasts believe that a potential Trump administration could create a more favorable regulatory environment for cryptocurrencies. This optimism is expected to drive further adoption and capital inflows, benefiting the altcoin market significantly.
The post Altcoin Market Cap Hits $425B: Will XRP and ADA Lead Next (LON:NXT) Rally? appeared first on Coin Edition.