Ethereum, XRP and Cardano Lead the Show

The altcoin market continues to lead with strength adding another 2% to the cryptocurrency market cap on a Sunday morning. Top altcoins have been showing major strength ever since the release of the US jobs data two days back. The entire altcoin market cap has given a crucial breakout from its year-long market structure and faces a major weekly resistance.

Altcoin Market Cap approaching its first major Weekly resistance (red) after confirming a breakout from its year-long market structure#BTC #Crypto #Bitcoin pic.twitter.com/IHfMThSz6k

— Rekt Capital (@rektcapital) November 5, 2023

Ethereum, XRP and Cardano Lead the Show

The world’s second-largest cryptocurrency Ethereum (ETH) is up by another 3% for the second consecutive day moving closer to $2,000. At press time, ETH is trading at $1893 with a market cap of $227 billion.

While Ethereum has been relatively slow in catching up with the Bitcoin rally this year, large wallets have been accumulating the crypto consistently over the past six months. On the other hand, the Ethereum supply on the exchanges has been reducing consistently thereby reducing the selling pressure.

Ripple’s native crypto XRPP has also been a star performer by clocking more than 15% weekly gains. The XRP price is up 4.54% over the last 24 hours trading at $0.64 with a market cap of $34.4 billion.

Large XRP transactions exceeding $100,000 in value surged in November, indicating increased potential for volatility in XRP’s price. Data from Santiment reveals a 106% increase in the number of whale transactions so far this month.

Investors continue to gain confidence in XRP as Ripple edges closer to victory in its legal battle with the SEC. It’s a matter of a few months, if not weeks, as Ripple emerges victorious and we soon see more adoption for XRP by global financial institutions. For now, XRP investors seem to gearing up for the next target of $1.

Ethereum competitor Cardano (ADA) has also registered a strong bullish surge gaining 5.25% and moving to $0.35. As reported, the ADA price continues to gain strength with strong whale participation.

Chainlink Party continues

Chainlink (LINK) has continued to rally gaining another 7% and moving past $12. The LINK price is currently trading at a major resistance, surpassing which could lead to a further price rally.

$LINK

Now at the Monthly Macro Downtrend

Last time it was here was in early & late 2021 where LINK produced upside wicks past this Downtrend resistance (blue circles)

That’s why LINK needs to reclaim the Downtrend as support

Matter of when, not if#LINK #Crypto #Chainlink pic.twitter.com/hZArrVdvFa

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— Rekt Capital (@rektcapital) November 5, 2023

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.