Bitcoin is not the only digital asset making big gains at the beginning of the new year. A number of altcoins are also surging, and a handful of them have been leading markets for months, with analysts predicting huge gains in 2024.
Total crypto market capitalization has reached its highest level since May 2022, as it climbed to $1.82 trillion on January 2.
Bitcoin Take Back Seat: Altcoins Might Be Primed for Phenomimal Highs
Bitcoin is leading markets with a 7% jump to top $45,000 for the first time in almost two years. However, some altcoins are making even bigger gains at the moment.
On January 1, crypto analyst ‘Rekt Capital’ took a technical view of the performance of the altcoin market capitalization by observing historical retest patterns.
He noted that when altcoin markets performed historic retests successfully, a third retest followed in the weeks afterward. This level would then “act as a springboard to phenomenal highs,” he said.
Altcoin market cap broke out of its sideways channel in November 2023 and has been gaining ever since. However, there are a couple of standout assets that are making bigger moves.
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Solana (SOL) has been one of the best-performing altcoins in recent months. The blockchain token has gained a further 11% on the day to trade at $112 at the time of writing.
Moreover, SOL prices have pumped a staggering 200% over the past two months. However, it is very overheated at the moment and may be due for a pullback. SOL is currently down around 57% from its all-time high of $260 in November 2021.
LINK and AVAX Moving
Chainlink is another altcoin that has performed well recently. Furthermore, LINK is up 5.7% on the day at $15.82 at the time of writing.
MN Trading CEO and founder Michaël van de Poppe included LINK in his top five altcoins for 2024. He said that most altcoin buyers step in during the last 10-20% of the rally, which is why he didn’t recommend SOL at the moment.
Trader ‘Satoshi Flipper’ told his 170,000 X followers:
“Only a short matter of time before LINK under $20 and ETH under $2,500 become just a fantasy,”
The other altcoins van de Poppe added to his 2024 portfolio were Ethereum, Optimism (OP), Arbitrum (ARB), and Sui (SUI).
One that was not mentioned but was equally strong was Avalanche (AVAX). This token surged 12% on the day to reach $42.67 at the time of writing. AVAX has gained 280% over the past two months, but it too could be overheated.
Other altcoins outperforming Bitcoin at the moment include Near Protocol (NEAR), Filecoin (FIL), Injective (INJ), Hedera (HBAR), Immutable (IMX), Lido DAO (LDO), and Stacks (STX).
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