XLM Leads Altcoins as Bitcoin Struggles to Hit $100K

November 25, 2024 BACK TO NEWS

XLM surges 29% while Bitcoin struggles at $98K. Altcoins like DOT and TON also show strong performance amid speculation of an altcoin season - IcoHolder.

The cryptocurrency market has experienced a whirlwind of activity in recent days, with Bitcoin (BTC) failing to reach the long-anticipated $100,000 mark, leading to a slight price decline. As of now, Bitcoin is hovering around $98,000, a minor drop from its peak of just under $100,000 on Friday. Despite BTC's inability to break through this psychological barrier, several altcoins have seen impressive gains, with XLM emerging as the standout performer.

Bitcoin Struggles to Break $100K

Bitcoin started the week at $90,000, gaining momentum throughout the week and breaking its previous all-time high of $93,800 mid-week. The cryptocurrency’s rally accelerated, fueled by strong inflows into Bitcoin exchange-traded funds (ETFs) in the U.S. The price surged towards $100,000, coming within a whisker of hitting the milestone, but failed to cross that threshold, peaking at $99,800.

This failure to breach $100,000 has resulted in a minor correction, with Bitcoin currently sitting at $98,000. Despite this dip, BTC remains up by 7.2% on the week, holding a market capitalization of $1.94 trillion. However, its dominance over altcoins has decreased, now standing at 55.5%, which has sparked speculation about a possible “altcoin season.”

XLM Steals the Show

While many large-cap altcoins like ADA, XRP, and DOGE have seen notable gains followed by retracements, a few others have been able to maintain their momentum. XLM, the native token of the Stellar network, has been the biggest winner, surging by an impressive 29% in the last 24 hours alone. This is part of a much larger rise, as XLM has skyrocketed by more than 480% in the past month, now trading above $0.56.

Other altcoins like TON and DOT have also seen strong performances, with TON up by 11% and DOT by 17%, trading at $6.25 and $8.9, respectively. However, the standout in recent days is XLM, which has outperformed its peers, further solidifying its place among the leading altcoins.

The Altcoin Surge Continues

As Bitcoin’s dominance wanes, the broader cryptocurrency market has seen a shift toward altcoins. While the total market capitalization has dropped by approximately $50 billion since its peak yesterday, it still remains close to $3.5 trillion. The increased interest in altcoins, particularly XLM, signals a possible shift in market dynamics, with investors seeking alternatives to Bitcoin as the leading cryptocurrency falters in its quest for $100,000.

With many altcoins posting strong gains, it will be interesting to see whether this trend continues and whether we are witnessing the beginning of an altcoin season. For now, all eyes remain on the performance of XLM and other altcoins as they continue to chart impressive gains while Bitcoin takes a breather.

Conclusion

Despite Bitcoin’s recent struggles, the cryptocurrency market remains volatile, with altcoins like XLM leading the charge. As Bitcoin’s dominance continues to slip, investors are increasingly turning to alternative tokens, and XLM’s recent surge suggests it could be a major player in the months ahead.