Altcoins Market Bounces Back – XRP, DOGE, ADA, and XLM Lead the Pack

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Today, the market for alternative cryptocurrencies (altcoins) is experiencing a significant rebound, as indicated by the Total Market Cap (excluding Bitcoin and Ethereum). This figure is nearing the $1 trillion mark. The recent market surge today has resulted in a 12% increase in XRP‘s value. Additionally, other altcoins such as Dogecoin (DOGE), Cardano (ADA), Stellar (XLM), and Hedera (HBAR) have also seen gains, with each coin increasing between 5% to 10% over the past 24 hours, indicating they too are participating in this rally.

Is the Altcoins Market Rally About to Begin?

Since Donald Trump’s election win in late 2020, the altcoin market experienced a significant surge until around mid-December. Lately, though, it has been holding steady as Bitcoin’s price dropped back to $90,000.

Today’s rise in Bitcoin and other cryptocurrencies is occurring prior to the upcoming release of US Consumer Price Index (CPI) data on Wednesday. Furthermore, there is significant anticipation surrounding Donald Trump’s inauguration on January 20th, with some analysts predicting that he may issue executive orders related to crypto policy on his first day in office. Potentially, these orders might even involve the revocation of the contentious SAB 121 accounting rule, under which banks are required to classify digital assets as liabilities.

Conversely, the Altcoin Season Index stands at a critical level of 49, as indicated by the data from Blockchain Center. However, analysts anticipate a rebound, which could initiate the upcoming altcoin season surge.

Top Performing Digital Assets – XRP, DOGE, ADA and XLM

XRP Leads the Altcoins Market Rally

The digital currency XRP, which is connected to the Ripple platform, is currently dominating the market for alternative cryptocurrencies by surging approximately 12% over the past day. Currently, the price of XRP stands at around $2.84, and its daily trading volume has also increased by about 12%, reaching a staggering $14 billion.

As a crypto investor, I’ve noticed a significant trend: XRP whales have been steadily amassing more Ripple, with wallets holding between 1-10 million XRP now accounting for a staggering $3.8 billion. Today, we witnessed a powerful breakout in the price of Ripple crypto, and if this momentum continues, it could propel us towards $3.66.

$XRP is on the Verge of Next Bullish Rally

Next Stop : 3.66$#Crypto #XRP #XRPUSDT

— Captain Faibik (@CryptoFaibik) January 11, 2025

For the very first time, a United States political figure is known to have acquired XRP! Specifically, Representative Guy Reschenthaler (a Republican), has publicly reported an investment in XRP that could be worth as much as $15,000.

DOGE, ADA and XLM Join The Party

Today, Dogecoin (DOGE), currently standing as the leading meme cryptocurrency, has experienced a 5% increase and surpassed the $0.35 price point. Furthermore, interest in DOGE derivatives has significantly grown by 10%, raising the open interest to an impressive $4.35 billion, signifying increased demand within this market sector.

In a similar fashion, the value of Cardano’s ADA token has surged by 6.73%, surpassing a market cap of $35.82 billion and counteracting its weekly declines. If the ADA bulls can maintain the price above $1.0, potential targets could be $1.2, $1.5, and $2, with further increases possible thereafter. Data from Coinglass reveals a 11% increase in Cardano’s open interest to $1.22 billion. Furthermore, substantial ADA hoarding by large investors has been observed within the last 24 hours.

Whales have bought 100 million #Cardano $ADA over the past 48 hours!

— Ali (@ali_charts) January 15, 2025

Similarly, Stellar (XLM) is demonstrating a robust upward trend in the cryptocurrency market today, increasing by 11% over the past 24 hours. It’s moving closer to its significant resistance level of $0.50. Additionally, daily trading activity has increased by 64%, reaching over $1.13 billion, and open interest has risen by 36% to $317 million.

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2025-01-15 12:12