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

The altcoins market is showing a strong resurgence today as signaled by the TOTAL3 market cap, which excludes Bitcoin (BTC) and Ethereum (ETH). It approaches the $1 trillion milestone as the market rally today witnessed 12% gain in XRP. Other altcoins like Dogecoin (DOGE). Cardano (ADA), Stellar (XLM), and Hedera (HBAR) have joined the party gaining between 5-10% over the past 24 hours.

Is the Altcoins Market Rally About to Begin?

Following Donald Trump’s victory in November last year, the altcoins market staged a massive rally until mid-December. However, over the past few weeks, it has been consolidating amid the Bitcoin price retracement to $90,000.

Today’s resurgence in the Bitcoin price and the broader altcoins market comes just ahead of the release of US CPI data on Wednesday. Additionally, all eyes are currently on Donald Trump’s inauguration on January 20, as some industry experts expect Trump to issue executive orders on crypto policy on the first day in office. This could also include repealing the controversial SAB 121 accounting rule, which forces banks to declare digital assets as liabilities.

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On the other hand, the altcoins season index is currently at a crucial support of 49, per the data from Blockchain Center. Analysts are expecting a bounce back thereby triggering the next wave of the altseason.

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

XRP Leads the Altcoins Market Rally

Ripple’s native cryptocurrency XRP is leading the altcoins market rally with a massive 12% jump in the last 24 hours. As of press time, XRP price today is trading at $2.84 with its daily trading volume jumping 12% shooting past $14 billion.

Additionally, XRP whales have been on a strong accumulation path with wallet holding 1-10M XRP now holding $3.8 billion worth of Ripple crypto. With today’s breakout, the Ripple cryptocurrency has given a strong breakout on the chart and its next move could be all the way to $3.66.

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For the first time in history, a U.S. politician has purchased XRP! Representative Guy Reschenthaler (R) disclosed an XRP investment valued at up to $15,000.

DOGE, ADA and XLM Join The Party

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The top meme coin Dogecoin (DOGE) is also up 5% today shooting past $0.35 levels. Also, the DOGE open interest has surged by 10% to $4.35 billion showing demand in the derivatives market.

Similarly, Cardano’s ADA price is up 6.73% shooting past $35.82 billion thereby reversing its weekly losses. If ADA bulls manage to sustain above $1.0, the next target will be $1,2, $1.5, and $2 subsequently. The Coinglass data shows that the Cardano open interest is up by 11% to $1.22 billion. Also, ADA has seen massive whale accumulation in the last 24 hours.

Similarly, Stellar (XLM) is showing a strong bullish in the altcoins market today, surging 11% gains in the last 24 hours. It now approaches its crucial resistance of $0.50. Also, the daily trading volume is up by 64% to more than $1.13 billion, while the open interest has shot up by 36% to $317 million.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.