In a recent analysis, the co-founders of Glassnode, Jan Happel and Yan Allemann, who go by the name Negentropic, shared their perspectives on the cryptocurrency market, specifically focusing on altcoins.
They were curious about when altcoins might start gaining significant ground, noting that they have been lagging behind Bitcoin (BTC) for some time.
Negentropic observed that although Bitcoin has been leading the market trends, there are indications that the total market capitalization of altcoins is progressing. This trend is particularly noticeable, with significant players like Ethereum (ETH) closely following Bitcoin’s lead, as per their post on X on December 7.
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The duo suggested this could be the precursor to a broader surge in the altcoin market.
In response to these observations, Finbold zeroed in on three top altcoins that are poised to benefit from the overarching Bitcoin narrative.
Ethereum (ETH)
Amid the considerable upward momentum observed across numerous assets in the cryptocurrency sector, Ethereum, which holds the position of the second-largest crypto by market capitalization, is following suit.
According to renowned crypto trading expert Ali Martinez, Ethereum surpassing $2,000 could represent a “prime buying moment” for the digital asset. This perspective is based on the observation that traders acquired a substantial volume of ETH around this price level, as per his post on December 3.
At the time of press, Ethereum was trading at $2,250, recording a -0.43% loss on the day, as well as increasing 10.39% across the previous week and making a 20.02% advance on its monthly chart, based on the most recent data on December 7.
Solana (SOL)
Considering the gains among the broader cryptocurrency market in the previous days, Solana (SOL) is no exception, with over 50% added in the last month.
Solana is nearing the apex of an ascending triangle visible on its 12-hour chart. Although this pattern suggests potential upward movement for SOL, it is crucial to exercise caution.
A confirmed close above $68.2 will likely initiate a bullish breakout targeting $90. However, it’s essential to monitor the $60 support level. Any indication of weakness around this point may prompt a surge in profit-taking, potentially leading SOL to $47, as per Martinez’s post on December 7.
At the time of press, the price of Solana stood at $63.92, up 0.77% on the day, adding onto the gain of 5.87% across the previous 7 days and a more significant increase of 52.45% on its monthly chart.
XRP (XRP)
While many assets in the cryptocurrency market have entered a positive phase, XRP (XRP) has not demonstrated comparable performance lately. Nonetheless, optimistic forecasts for a bullish rally persist.
In a TradingView post on December 2, the well-known crypto analyst FieryTrading expressed an optimistic stance on XRP, proposing a potential target of $25 for the digital asset.
FieryTrading observed that XRP has been following a consolidating pattern marked by higher lows and lower highs, forming a triangle pattern. The analyst identified this pattern as a bull flag, emphasizing its occurrence immediately after the notable 7,000x surge in 2017.
By press time, XRP was trading at $0.63, recording 1.28% daily gains. On the 7-day chart, XRP is up 4.81%, contrary to the monthly loss of -7.42%.
With these digital assets showcasing strong performance in the recent period, coupled with high market capitalization and trading volume, it is essential to remember that the cryptocurrency market is highly volatile, and caution is advised as investors should conduct a thorough investigation when allocating their resources.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
