Bitcoin Struggles at $100K, Stellar (XLM) Leads Altcoin Surge
November 25, 2024 BACK TO NEWS
Bitcoin nears $100K but retreats as XLM leads altcoin surge with 29% growth. Altcoin season speculation rises as TON, DOT also see strong gains - IcoHolder.
The cryptocurrency market saw mixed trends this week, with Bitcoin nearing the $100,000 mark but failing to surpass it, and select altcoins like Stellar (XLM) taking the spotlight with impressive gains.
Bitcoin’s $100K Barrier
Bitcoin started the week strong, trading at approximately $90,000, and quickly gained momentum midweek, breaching its previous all-time high of $93,800. This surge was driven by increased net inflows into Bitcoin spot ETFs in the U.S., as investor confidence in the cryptocurrency continued to grow. By Friday, BTC reached a peak of $99,800 on most exchanges, narrowly missing the much-anticipated $100,000 milestone. However, Bitcoin was unable to maintain its peak, retreating to around $98,000 as of Saturday.
While Bitcoin is still up by 7.2% over the week, its market cap now stands at $1.94 trillion, with a dominance of 55.5% over altcoins—a slight dip that has stirred speculation about an upcoming “altcoin season.”
Altcoins Rise and Fall
As Bitcoin’s momentum slowed, several larger-cap altcoins faced a day of volatility. Assets like Cardano (ADA), Ripple (XRP), and Dogecoin (DOGE) saw significant losses. ADA slid by 3% to under $1.05, XRP dropped over 6% to below $1.45, and DOGE fell by 7.5%, now trading at $0.43. Despite these declines, other altcoins charted notable gains. The Open Network (TON) rose by 11% to reach $6.25, and Polkadot (DOT) increased by 17% to $8.90.
Stellar’s Remarkable Rally
The week’s most impressive performance came from Stellar (XLM), which continued its strong upward trend. XLM surged by an impressive 29%, bringing its monthly growth to over 480%. Currently, Stellar’s native token is valued at above $0.56. Analysts attribute XLM’s rise to strong momentum in Stellar’s network activity, renewed interest in decentralized finance (DeFi), and possible future use cases within cross-border payment solutions.
Market Overview
As of the latest updates, the total cryptocurrency market cap is slightly down by about $50 billion from its recent peak, settling close to $3.5 trillion. The overall outlook remains positive for altcoins, particularly as investors explore alternatives to Bitcoin amid market fluctuations.
With Bitcoin showing resilience but struggling to reach new highs, and altcoins like XLM making significant advances, the market may be setting up for a renewed altcoin season, fueled by shifting dominance and investor enthusiasm across the board.