Biggest Altcoin Gainers of the Second Week of December 2024

As a seasoned crypto investor with over a decade of experience in this dynamic market, I must admit that December 2024 has been nothing short of thrilling. The impressive price performances of altcoins such as Hyperliquid (HYPE), Virtuals Protocol (VIRTUAL), and Aave (AAVE) have not only caught my attention but also piqued my curiosity.

By the close of the second week in December 2024, numerous alternative cryptocurrencies (altcoins) have demonstrated strong price growth, with many maintaining the upward trend they started in November. It’s interesting to note that some altcoins that analysts had previously predicted would perform well are among those showing gains in December.

In this breakdown, BeInCrypto spotlights the best-performing cryptocurrencies of the past week and delves into the factors that contributed to their price surge. Among the top three performers are Hyperliquid (HYPE), Virtuals Protocol (VIRTUAL), and Aave (AAVE).

Hyperliquid (HYPE)

Leading the pack among December’s altcoin gainers is HYPE, the token associated with the decentralized perpetual exchange Hyperliquid. This week, HYPE’s value surged by approximately 48.60% and peaked at a record high of $21.48, though it has since dipped to $20.70.

The increase in this development might be related to the growing interest in cryptocurrency. Additionally, the observation that some HYPE airdrop recipients are holding onto their tokens instead of selling them, and the fact that it isn’t listed on any centralized exchange yet, have likely played a role in its price rise.

If things carry on like this, HYPE’s worth could keep increasing. Additionally, given that its market capitalization currently hovers around $7 billion – calculated by multiplying the price with the circulating supply – there’s a strong possibility it could rise further.

If there’s a surge in selling for the altcoin over the next few days, it may not reach the predicted growth. Instead, its value could decline, undoing some of its recent price increases.

Virtuals Protocol (VIRTUAL)

This month, VIRTUAL – a digital token with strong foundations in Artificial Intelligence (AI) – has been among the altcoins showing significant gains. As per BeInCrypto’s analysis, the increase in VIRTUAL’s price can be attributed to heightened interest in tokens associated with the popular AI agent storyline.

Consequently, VIRTUAL’s value increased by approximately 41.50% this week and is now being traded at $2.57. On its daily chart, the Bull Bear Power (BBP) is positioned in a positive zone, suggesting that the buying pressure for this altcoin has persisted and maintained its dominance.

If the trend persists, VIRTUAL may significantly increase beyond its current price. But should bears gain dominance and selling intensifies, it could alter the situation, potentially causing the altcoin’s value to plummet to around $1.18.

Aave (AAVE)

In the second week of December 2024, the DeFi token AAVE, similar to other cryptocurrencies, experienced significant growth. The value of this token increased by a substantial 36.20% during this timeframe. This surge might be associated with considerable whale investments and rumors that Trump’s crypto project has bought into the altcoin.

Looking at the daily graph, it seems like the upward trend for AAVE might continue for some time without showing signs of slowing down. This assumption is based on the Awesome Oscillator (AO), a tool that evaluates momentum.

When the Accumulation/Distinction Oscillator (AO) shows a negative value, it typically suggests a bearish momentum. Yet, in this specific instance, the AO readings have persisted in rising, accompanied by prominent green histogram bars, which might indicate a bullish momentum contrary to the initial assumption based on the negative AO value.

If the current pattern persists, there’s a possibility that AAVE’s price could reach around $440. But if those holding altcoins choose to cash out, this increase might not materialize, and instead, the cryptocurrency’s value could drop down to approximately $309.42.

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2024-12-14 20:08