3 Cryptocurrencies That Reached All-Time Highs Today — December 17

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As a seasoned researcher who has navigated through numerous bull and bear markets, I find myself thoroughly intrigued by the current performance of several altcoins, particularly EIGEN, GT, and BGB.

In my exploration of the dynamic world of cryptocurrencies, I’ve noticed an impressive surge today as various alternative coins (altcoins) are scaling unprecedented peaks.

Among notable performers, GateToken (GT), EigenLayer (EIGEN), and Bitget Token (BGB) have shown substantial price growth respectively.

EigenLayer (EIGEN)

EigenLayer is a protocol built on Ethereum, enabling users who have deposited ETH to re-invest it for the purpose of securing various applications and network services. The token associated with EigenLayer, EIGEN, reached a record high of $5.65 in Tuesday’s early Asian trading hours, making it one of the cryptocurrencies that hit new peaks today. However, its price has since dipped by 7%, currently trading at $5.28.

Reviewing the daily EIGEN/USD chart shows that the upward trend has been reinforced. The Aroon indicator underscores this with a 100% Up Line value, indicating that the asset’s price hasn’t dipped below its highest point in 14 days, suggesting a robust and ongoing uptrend.

In simpler terms, when the Aroon Up line hits 100%, it means the asset has just hit a fresh high during the chosen timeframe, which indicates robust positive momentum. This optimistic signal implies that the asset is currently experiencing a powerful upward trend, with buyers holding the upper hand.

Should EIGEN buyers maintain their influence, there’s a possibility that the price might soar towards its record peak and even surpass it. On the flip side, if the bullish momentum wanes, the token’s value could dip down to approximately $4.82.

GateToken (GT)

GateToken fuels the operation of GateChain, a public blockchain designed for seamless digital asset transactions. Today, its value peaked at an unprecedented high of $13.94, only to experience a minor dip afterward.

The increase in GT’s price is driven by genuine interest in the cryptocurrency, as indicated by its growing Relative Strength Index (RSI), currently standing at 69.82 as we speak.

The RSI (Relative Strength Index) tool assesses whether an asset’s market situation is excessively bought or sold. It ranges between 0 and 100. A value exceeding 70 implies the asset could be overbought, suggesting it might require a correction; on the other hand, readings below 30 suggest an oversold state, which could signal a coming price increase.

right now, GT is seeing more buying action than selling among investors in the market, as indicated by its Relative Strength Index (RSI) of 69.82. If this trend continues, it’s possible that GT could regain its peak price of $13.94 and possibly even surpass it. Conversely, if there is an increase in selling due to profit-taking, the price of GT might drop to around $11.98.

Bitget Token (BGB)

The Bitget Token (BGB) serves as the primary token on the Bitget digital currency exchange platform. Today, it’s one of the alternative coins that reached a fresh high point. In just one day, it experienced an impressive 18% surge and touched a record-breaking value of $3.98. Over the last 24 hours, its trading volume has accumulated to an impressive $256 million, marking a 12% jump.

If a financial asset’s price goes up while its trading activity becomes more frequent, it typically means there’s robust market curiosity and high levels of involvement. In other words, this increase in price seems to be supported by genuine demand for the asset rather than being driven by speculative activity.

Should the bullish trend continue, it’s possible that BGB could regain its peak price level. Yet, an increase in sell orders might cause its value to dip as low as $3.16.

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2024-12-17 21:10