The altcoin industry, excluding Ethereum (ETH), has been witnessing a bullish surge in recent weeks, even as Bitcoin (BTC) price struggles to reach the coveted $100k mark. The rise of XRP, backed by Ripple Labs, to the third most valuable cryptocurrency by market cap, has served as a stark reminder of the high volatility inherent in the altcoin space.
Interestingly, the TOTAL3, a tracker of the altcoin’s market cap excluding Ether, has retested its all-time high of approximately $1.1 trillion. This development has sparked increased interest from retail and whale investors, who are increasingly turning to mid and small-cap altcoins that hold promising potential for higher returns.
Among the top altcoins likely to register a bullish breakout soon are Curve DAO (CRV), Memecoin (MEME), LayerZero (ZRO), and Trust Wallet (TWT).
Curve DAO (CRV) has seen a significant uptick in whale investors, according to the on-chain intelligence platform, Santiment. Historical data from Santiment indicates that altcoins witnessing a sharp increase in whale activities often register a significant increase in overall volatility. With a fully diluted valuation of about $2 billion and a daily average traded volume of over $1.2 billion, CRV has surged over 50 percent in the past week, trading around 77 cents on Tuesday, December 3, during the early European session.
MEME, backed by the 9GAG community, has seen a surge in whale traders. This Binance-listed memecoin, with a fully diluted valuation of about $1.1B and a daily average traded volume of around $241M, boasts nearly one million on-chain holders. Over the past 24 hours, MEME price has surged over 6 percent to trade at approximately $0.0164.
LayerZero (ZRO), an interoperability protocol connecting blockchains, has seen substantial growth recently. With a market cap of around $688M and a daily average traded volume of over $790 million, the ZRO token has garnered significant attention from whale investors.
Trust Wallet (TWT), a web3 wallet backed by the Binance exchange, has expanded its global user base to millions. Its native token, TWT, has been forming a macro-bullish pennant, amid rising demand from whale investors. The mid-cap altcoin, with a fully diluted valuation of around $1.3B and a daily average traded volume of about $66M, surged over 11 percent in the last 24 hours to trade about $1.3.
As altcoins continue to gain momentum, investors should continue to monitor the market closely for potential opportunities. The altcoin space remains highly volatile, but as these four altcoins demonstrate, there is a considerable potential for significant returns.
