Key Points
- The global cryptocurrency market rose 11.5% this week, reaching a record high of $3.49 trillion.
- Bitcoin, Stellar, Dogecoin, and Cardano were amongst the standout performers.
The worldwide cryptocurrency market experienced an 11.5% increase this week, hitting a new high of $3.49 trillion, which added $358 billion to its valuation.
Bitcoin’s Bullish Run
Bitcoin (BTC) saw an over 8% surge during this period. This was as a result of buyers attempting to break through the psychological resistance of $100,000, which impacted the broader altcoin market.
Notable performers this week included Stellar (XLM), Dogecoin (DOGE), and Cardano (ADA).
Stellar’s Impressive Rally
Stellar made significant gains, rising over 190% in the last seven days to trade at $0.4436. This 40-month high was driven by increased demand, making Stellar the top-performing asset among the top 100 cryptocurrencies according to CoinGecko data.
The altcoin rose nearly 430% from its lowest price in July. Much of these gains were observed on Nov. 23, following an announcement from the Federal Reserve. The Fed highlighted Stellar as a potential tool for powering the blockchain component of its FedNow payment system.
Traders remain hopeful about XLM’s potential. Analyst Charting Guy, who has over 20,100 followers, noted that the price movement over the last seven years has formed an Adam and Eve pattern on its one-month chart. The analyst predicted a break above the neckline, connecting the peaks between Adam and Eve, at $0.8756 its all-time high reached on Jan. 3, 2018, could push its price to as high as $5, almost 1030% above the current price level.
Dogecoin’s Continued Rally
Dogecoin also made notable gains, rising by another 27% this week to hit a new yearly peak of $0.48 on Nov. 23. The meme coin has seen an impressive 239% gain over the past month and ranks as the fourth most traded cryptocurrency, with 24-hour trading volumes reaching $26 billion.
As the market anticipates a potential retest of the all-time high at $0.73 in the coming days, analysts have pointed to even higher targets for 2025. Independent analyst Javon Marks noted that a confirmed breakout above previous highs could pave the way for a further 52.2% upside. Marks identified the immediate target range for Dogecoin as being between $0.65 and $1.25.
However, technical indicators suggest that the recent rally may face a pullback, as its price is nearing the upper Bollinger Band at $0.5084, and the Relative Strength Index has climbed above 82, signaling that the asset is currently overbought.
Cardano’s Significant Recovery
Cardano also experienced a significant recovery over the past week. The altcoin surpassed the $1 price level for the first time since April 2022. The altcoin has climbed 43.7% over the past week, trading at $1.08 at the time of writing. Its daily trading volume has also surged by 86% to $8.1 billion, indicating an increase in its market activity.
Most of these gains occurred in the past two days as whales started accumulating the altcoin. According to data from IntoTheBlock, whale holder netflow has surged by over 220%, shifting from an outflow of $54.1 million on Nov. 20 to inflows of $77.2 million on Nov. 22.
The rally was also supported by an uptick in open interest, which surged over 27% to surpass $985 million, according to CoinGlass.