XRP, Cardano race ahead as legacy tokens fall behind: What’s happening?

Cardano and XRP have made outstanding gains in the past two weeks.
Legacy tokens have made decent returns in November, but we must zoom out to better understand where the market conviction truly lies.

As a seasoned analyst who has witnessed multiple market cycles since the inception of cryptocurrencies, I find it intriguing to observe the current trend where Cardano [ADA] and Ripple [XRP] are outshining many legacy tokens like Litecoin [LTC], EOS, and Solana [SOL].

Ripple (XRP) and Cardano (ADA), two digital currencies, currently boast market values of approximately $60.5 billion and $26.2 billion each. They’ve both been actively traded in the market since 2014 for Ripple and since 2018 for Cardano.

So far, they’ve proven resilient through the passage of time, and they rank highly among the popular non-meme altcoins currently circulating in the market.

Many investors are drawn towards tokens due to the allure of seamless cross-border transactions and the strength of blockchain technology.

In past instances, these types of pledges drew users towards other cryptocurrencies too, but they have since become much less noticeable in the limelight. What insights might we gather from observing their market trends?

XRP, ADA — Not all coins are equally loved

“Consider Litecoin [LTC], once called ‘silver to Bitcoin‘s gold’. Following its low points on the 4th of November, it has experienced a rise of approximately 35.14%.

For comparison, XRP has gained 114.2% and ADA rallied by 135.49% during the same period.

Additionally, unlike XRP and Cardano, which surged past substantial long-term price patterns to reach unprecedented levels, LTC remained stagnant within a range dating back to the end of 2022.

While Litecoin’s weekly structure was bullish, the mid-range level posed resistance.

EOS, which began trading back in 2018, currently boasts a market capitalization of approximately $988 million. Similar to other cryptocurrencies, it experienced a weekly break in its bullish structure, but it’s worth noting that it’s now 98.2% lower than its all-time high of $22.71 reached back in April 2018.

The token is up by 61% since last Monday’s lows.

Long-term conviction wavers

Over the period since Solana hit its lowest point on November 4th, it has seen a modest increase of 41.8%. This rise includes a breakout from a range and the formation of a bullish structure in its weekly chart. However, this growth doesn’t necessarily mean that Solana and EOS are now considered equivalent by market observers.

Without a doubt, it’s quite different! Solana (SOL) has surged by an impressive 2,650% since hitting its 2023 lows, whereas EOS has only managed to rise by 28.24% over the same period. This brief comparison underscores the overwhelmingly optimistic mood that’s prevailed during the past fortnight.

Reaching a record high above $74,000 for Bitcoin [BTC] has transformed the cryptocurrency market into a perpetual upward trend, which is often referred to as “easy mode” by seasoned traders. This trend encourages the strategy of buying everything across the board, potentially yielding substantial profits.

People who entered the cryptocurrency world early and continue to hold original tokens may have a solid rationale for doing so, however, it’s worth noting that the market landscape has significantly evolved since then.

Recently, there’s been a shift away from newer, more polished tokens, and instead, the meme and AI sectors have been taking center stage over the last couple of months.

Read Ripple’s [XRP] Price Prediction 2024-25

In simpler terms, just because both EOS and Litecoin are rising in the crypto market doesn’t automatically make them equivalent to Solana in terms of investor confidence. Each coin has its unique characteristics and potential.

In the upcoming months, there could be advantageous opportunities for those long-term holders to sell, potentially recovering their investments after a prolonged period. However, this illustrates a crucial lesson: if the asset isn’t Bitcoin, refrain from becoming overly attached or investing more than you can afford to lose.

2024-11-17 11:04

XRP, ADA — Not all coins are equally loved

Long-term conviction wavers

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