These 5 altcoins are competing with each of the major cryptocurrencies this week
XRP, Stellar, IOTA and Cardano are the most prominent this week in terms of earnings, while traders predict an “altseason”.
Bitcoin (BTC) topped $ 19,000 in a further bullish surge, but traders are targeting altcoins on November 24.
In what many herald as the beginning of “peak season,” large-cap cryptocurrencies are seeing their biggest gains in three years.
XRP and XLM lead a new “altseason”
Cointelegraph takes a look at the top five altcoins, all of which have returned to a market capitalization of at least $ 1 billion.
Ripple’s XRP token is gaining traction on social media after a curious hiatus, thanks to its weekly earnings that have surpassed 110%.
At press time, the XRP / USD pair was trading at $ 0.62, having hit $ 0.92 before a sudden 30% drop, which came alongside Coinbase experiencing a major technical disruption.
However, the token still remains far from its peak of over $ 3 or roughly 80% of its all-time high.
By comparison, Bitcoin (BTC) is now just 3% off its all-time high in December 2017.
On the back of XRP’s resurgence, Stellar (XLM) outpaced its daily earnings to top $ 0.18 and offer more than 90% weekly returns.
A classic move for the coin, which tends to follow XRP in bull markets, Stellar has returned to its position since November 2018. Its all-time highs are just above $ 0.60.
Another major success story this week, Cardano (ADA) surpassed 50% weekly gains, much of which occurred before Wednesday’s altcoin action. With a market capitalization now exceeding $ 5 billion, Cardano became the eighth largest cryptocurrency.
However, against a backdrop of record highs above $ 1, there is plenty of ground for investors to see significant returns from prior years.
The fourth largest weekly increase belonged to IOTA (MIOTA) on Wednesday, and weekly gains totaled just under 50%. Currently ranked 26th on CoinMarketCap’s cryptocurrency chart, IOTA hit $ 0.36 this week, but the path to new all-time highs remains decidedly uncertain – they are near $ 5.50.
A familiar face among altcoin traders, Dash (DASH) ranked last among the week’s rallies, with the DASH / USD pair gaining nearly 40% in the past 7 days. At press time, the pair was trading at $ 115, still far from its record close to $ 1,500.
“Dominance of Bitcoin. In case you’re wondering, this is what the altseason looks like, ”said popular trader Scott Melker. “It’s pretty reminiscent of 2017. The Alts have a short window for the party, then you go back to Bitcoin, it rages. Rinse, repeat, ‘”he added.
“Our week of euphoria around altcoins was incredible. Now we wait and see ”.
Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin