Altcoins Skyrocket: Ethereum, XRP, and Cardano Soar, Chainlink Doesn't Want to Be Left Behind

JAKARTA - The crypto asset market other than Bitcoin or what is usually called altcoin (alternative coin) continues to show impressive performance with further strengthening, adding 2% to the cryptocurrency market capitalization last Sunday.

The flagship altcoin in particular has been leading this positive trend since the release of US jobs data two days ago. The entire altcoin market cap reached a critical point with a breakout of the year-long market structure and faced major weekly resistance.

ETH, XRP, and ADA Skyrocket

Ethereum (ETH), the second largest cryptocurrency in the world, continues to show strength with a 3% increase for two consecutive days, approaching the IDR 29.7 million mark. At the time this news was written, ETH was trading at an Ethereum market capitalization price of  227 billion US dollars or around IDR 3.5 quadrillion.

While Ethereum may have lagged behind Bitcoin's rally this year, large wallets have continued to accumulate ETH over the past six months. On the other hand, the supply of Ethereum on exchanges continues to shrink, which reduces selling pressure.

XRP, Ripple's native cryptocurrency, has also stolen the spotlight by registering a rise of more than 15% in one week.

The price of XRP soars by 4,54% over the last 24 hours and is being traded at USD 0,64 or around IDR 10.000-ish with market capitalization reaches 34,4 billion US dollars or around IDR 538,8 billion

Data from Santiment shows a significant increase in the number of large XRP transactions exceeding the value of  100,000 US dollars  (equivalent to IDR 1.5 billion) in November.

This reflects the potential for increased XRP price volatility. Investors are growing in confidence in XRP as Ripple inches closer to victory in its legal battle with the SEC.

In a few months or even weeks, Ripple could potentially emerge as a winner, and adoption of XRP by global financial institutions could be imminent. Currently, XRP investors seem to be getting ready to aim for their target price of IDR 15,000 per coin.

Cardano (ADA), an Ethereum competitor, also experienced a significant bullish surge, rising 5.25% and reaching IDR 5,500. ADA price continues to strengthen with huge participation from large crypto holders.

LINK Soars

Chainlink (LINK) also continued its impressive rally with a 7% gain and surpassing the IDR 188,000 (12 US dollars) mark. LINK price is currently moving close to a key resistance level, which if successfully broken, could trigger a larger price rally.

Currently LINK is in a monthly macro downtrend. The last time Chainlink was in a position like this was at the beginning and end of 2021, when LINK managed to break through the resistance of the downtrend. So, the next issue is when, not if, LINK will manage to reclaim the downtrend as support.