- The past week’s volatility saw three clear bullish performers emerge from among the popular large-cap assets
- Since November, Injective has been weaker compared to Cardano or Stellar
2021 saw Bitcoin [BTC] experiencing a rollercoaster ride at the beginning. Starting from January 1st at approximately $93,400, it surged by around 9.93% to reach $102,700 on Wednesday. However, over the past day, BTC has dropped about 7%, and currently, it’s being traded around $95,500 as we speak.
Last week, some notable high-value cryptocurrencies that showed strong performance included Cardano (ADA), Stellar Lumens (XLM), and Injective (INJ).
Despite ADA dipping back below the $1 mark, it’s heartening to see its Total Value Locked (TVL) on the rise. Similarly, Injective has observed a surge in both new and active user accounts, indicating heightened engagement and rising interest.
Cardano, Injective, and Stellar stand firm
Last week’s Santiment Insights postspotlighted some top-achieving cryptocurrencies, focusing on the most widely used assets within the top 100 in the crypto market. The data revealed that Cardano (ADA), Stellar Lumens (XLM), and Chainlink (INJ) were the week’s top performers.
Render [RNDR] received an honorable mention, gaining 16.55% in seven days.
In a notable surge, ADA increased by 19%, XLM by 29%, and INJ by 22%. This short-term market behavior indicated a robust bullish trend.
Over the course of a week, as seen on the two-hour timeframe, the performance patterns of these specific altcoins have been remarkably alike. For any upcoming short-term analysis, it’s essential to keep an eye on these potential support levels.
Investors supporting Cardano might work to protect its price around $0.94 – $0.95, making it potentially advantageous for buyers in Stellar at around $0.41 – $0.42. Injective could present a good opportunity for bulls as it has a robust support level between $22.67 and $22.95, which might prompt a positive price trend.
Is your portfolio green? Check the Cardano Profit Calculator
As a researcher observing the altcoin market, I’ve noticed a robust upward trend in its market capitalization. With Cardano leading the pack and demonstrating impressive performance, I anticipate this positive momentum to persist over the upcoming weeks for not only Cardano but also other promising altcoins as well.
It’s clear that these three alternative cryptocurrencies have shown more resilience than others in the market, which suggests robust optimism among investors regarding their potential growth. Their upward price trend indicates a strong bullish sentiment from market participants.
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2025-01-09 04:07