Bitcoin isn’t the only digital asset making big gains early in the new year. A number of altcoins are also surging, a few of which have been leading the market for months and analysts are predicting huge gains in 2024.
The overall cryptocurrency market capitalization rose to $1.82 trillion on January 2, reaching its highest level since May 2022.
Bitcoin Reclaims Its Ground: Altcoins Could Be Ready for Phenomenal Highs
Bitcoin leads the market, rising 7% to surpass $45,000 for the first time in nearly two years. However, some altcoins are currently seeing even bigger gains.
On January 1, cryptocurrency analyst ‘Rect Capital’ took a technical perspective on altcoin market capitalization performance by observing past retest patterns.
He noted that when the altcoin market successfully carried out its historic retest, a third retest followed within a few weeks. This level, he said, “will then serve as a stepping stone to a phenomenal peak.”
The altcoin market cap broke the sideways channel in November 2023 and has been rising ever since. But there are some standout assets that are making bigger moves.
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Solana (SOL) has been one of the best-performing altcoins in recent months. The blockchain token rose another 11% on the day to trade at $112 at the time of writing.
Moreover, the price of SOL has skyrocketed by a whopping 200% in the past two months. However, it is now very overheated and withdrawal may occur. SOL is currently down about 57% from its all-time high of $260 in November 2021.
LINK and AVAX movement
Chainlink is another altcoin that has performed well recently. Moreover, LINK is up 5.7% on the day to $15.82 at the time of this writing.
MN Trading CEO and founder Michaël van de Poppe included LINK in his top five altcoins for 2024. He said most altcoin buyers participate during the last 10 to 20% of the rally. Didn’t recommend SOL now.
Trader ‘Satoshi Flipper’ said He has 170,000 followers:
“It won’t be long before LINK under $20 and ETH under $2,500 become fantasy.”
Other altcoins van de Poppe has added to his 2024 portfolio include Ethereum, Optimism (OP), Arbitrum (ARB), and Sui (SUI).
Not mentioned but equally powerful was Avalanche (AVAX). The token has surged 12% on the day, reaching $42.67 at the time of writing. AVAX is up 280% in the last two months, but it too could be overheating.
Other altcoins currently outperforming Bitcoin include Near Protocol (NEAR), Filecoin (FIL), Injective (INJ), Hedera (HBAR), Immutable (IMX), Lido DAO (LDO), and Stacks (STX).
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