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Bitcoin (BTC) broke above $ 19,000 in a new bullish wave, but on November 24, traders are focusing on altcoins.
In what many herald as the start of the “altseason,” large-cap cryptocurrencies are seeing their biggest gains in three years.
XRP, XLM lead the new “altseason”
Cointelegraph takes a look at five of the biggest promoters, all back to a market cap of at least $ 1 billion.
XRP
Ripple’s XRP token is gaining ground on social media after a curious hiatus, thanks to its weekly earnings exceeding 110%.
As of press time, XRP / USD was trading at $ 0.62, having reached $ 0.92 before a sudden 30% drop, which came hand in hand with Coinbase suffering a major technical disruption.
However, the token still remains far from its peak of over $ 3 or around 80% of its all-time high.
By comparison, Bitcoin (BTC) is now only 3% from its all-time high in December 2017.
Stellar (XLM)
In the wake of XRP’s resurgence, Stellar (XLM) beat its daily earnings to exceed $ 0.18 and offer weekly returns of over 90%.
A classic move for the sister-altcoin, 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.
Cardano (ADA)
Another major success story this week, Cardano (ADA) topped weekly gains by 50%, many of which occurred ahead of Wednesday’s altcoin action.
With a market cap now in excess of $ 5 billion, Cardano became the eighth largest cryptocurrency, hitting $ 0.16.
In an environment of all-time highs above $ 1, however, there is still a lot to do for investors to achieve meaningful returns from previous years.
IOTA (MIOTA)
The fourth largest weekly increase belonged to IOTA (MIOTA) on Wednesday, whose weekly earnings were just under 50%.
Currently ranked 26th on CoinMarketCap’s list of cryptocurrencies, IOTA hit $ 0.36 this week, but the path to new all-time highs remains decidedly uncertain – those lie near $ 5.50.
Dash (DASH)
A familiar face among altcoin traders, Dash (DASH), has been in the queue between the highs of the week, with DASH / USD gaining nearly 40% over the past 7 days.
At press time, the pair was trading at $ 115, still a long way from its record high of nearly $ 1,500.
“Dominance of Bitcoin. In case you are wondering, this is what alt season looks like,” said popular trader. Scott Melker, noting that the index failed to break up this week.
“Reminiscent of 2017 enough. Alts has a short window to celebrate, then you go back into Bitcoin, raging. Rinse, repeat,” he added.
“Our week of high euphoria was fantastic. Now let’s wait and see “.
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