[ad_1]
As the second week of December 2024 comes to a close, many altcoins have shown impressive price increases, with some continuing to maintain the upward momentum that has been building since November. What is interesting is the list of altcoins December’s price increases included names that some analysts had predicted.
In this analysis, TinTucBitcoin highlights this week’s best-performing altcoins and provides insight into why their value has surged. Notably, the top three names include Hyperliquid (HYPE), Virtuals Protocol (VIRTUAL) and Aave (AAVE).
Hyperliquid (HYPE)
Topping the list of altcoin price increases in December is HYPE, the native token of the decentralized exchange Hyperliquid. This week, HYPE price increased 48.60% and reached a new record high of $21.48 before correcting back to $20.70.
This development may be related to the growing demand for this cryptocurrency. Furthermore, the fact that some HYPE airdrop recipients have not sold, and that it has not been listed on any centralized exchanges, has contributed to this increase.
If this situation continues, HYPE’s value may continue to increase. Market capitalization, currently nearly 7 billion USD, can also increase higher because it is calculated based on price and supply circulation.
However, if altcoins experience selling pressure in the coming days, this may not happen. Instead, value could erase some of the recent gains.
Virtuals Protocol (VIRTUAL)
VIRTUAL, an artificial intelligence (AI)-based token, is one of this month’s rising altcoins. According to TinTucBitcoin, VIRTUAL has experienced a significant price increase due to demand for tokens related to the AI representative trend.
As a result, VIRTUAL price has increased 41.50% this week and is currently trading at $2.57. On the daily chart, the Bull Bear Power (BBP) Correlation Strength Index is in positive territory, suggesting that buying pressure around the currency remains dominant.
If this trend continues, VIRTUAL could rise much higher than its current value. However, if the bears take control and selling pressure increases, this could change. In that case, the altcoin’s price could drop to $1.18.
Aave (AAVE)
DeFi token AAVE is another altcoin that recorded notable momentum during the 2nd week of December 2024. During the period in question, the value of the Token increased by 36.20. This may be related to significant accumulation from whales and the news that US President-elect Donald Trump’s cryptocurrency project has purchased the altcoin.
On the daily chart, it looks like AAVE’s strong upward streak won’t end anytime soon. One reason for this is the Awesome Oscillator (AO), an indicator that measures momentum.
When AO is negative, momentum decreases. However, in this case, the AO index is continuing to increase with noticeable green histogram bars.
If this trend continues, AAVE’s price could jump to $440. However, if altcoin holders decide to take profits, that may not happen, and the value of the coin could drop to $309.42.
General Bitcoin News
[ad_2]
