XRP, Stellar, IOTA and Cardano are the highlights this week in terms of earnings, while traders are predicting an „altseason“.
Bitcoin (BTC) topped $19,000 in a new bullish move, but traders are focusing on the altcoins on November 24.
In what many are heralding as the beginning of the „high season“, large cap cryptomonies are experiencing their biggest gains in three years.
XRP and XLM lead a new „altseason
Cointelegraph takes a look at the top five altcoins, all of which have returned to a market capitalization of at least $1 billion.
Ripple’s XRP token is gaining ground on social networks after a curious break, thanks to its weekly earnings which have exceeded 110%.
At the time of publication, the XRP/USD was trading at $0.62, having reached $0.92 before a sudden drop of 30%, which occurred in conjunction with Coinbase experiencing a major technical disruption.
However, the token is still far from its peak of over $3 or approximately 80% of its historical high.
By comparison, BitQT is now just 3% from its December 2017 record high.
In the aftermath of XRP’s resurgence, Stellar (XLM) outperformed its daily earnings to exceed $0.18 and deliver over 90% weekly returns.
A classic move for the currency, which tends to follow XRP into the bull markets, Stellar returned to its position from November 2018. Its historical highs are just above $0.60.
Another major success story this week, Cardano (ADA) exceeded 50% weekly earnings, much of which occurred prior to Wednesday’s altcoin action.
With a market capitalization now in excess of $5 billion, Cardano became the eighth largest crypt currency.
However, in a context of historical highs above $1, there is still plenty of room for investors to see significant returns from previous years.
The fourth largest weekly increase belonged to IOTA (MIOTA) on Wednesday, and weekly earnings totalled just under 50%.
Currently ranked 26th on CoinMarketCap’s crypto currency list, IOTA reached $0.36 this week, but the path to new all-time highs remains decidedly uncertain – they are close to $5.50.
A familiar face among altcoin traders, Dash (DASH), took last place among the week’s gains, with the DASH/USD pair gaining almost 40% in the last 7 days.
At the time of publication the pair was trading at $115, still far from its record high of nearly $1,500.
„Bitcoin’s dominance. In case you were wondering, this is what the altseason looks like,“ said popular trader Scott Melker. „It’s quite reminiscent of 2017. The Alts have a short window for the party, then you go back to Bitcoin, it gets angry. Rinse, repeat ‚“ he added.
„Our week of euphoria over the altcoins was incredible. Now we wait and see.