Top Altcoins to Watch This Week as Bitcoin Breaches New High of Above $89,000
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Release Time:11/12/2024 10:32:33
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The cryptocurrency market is reaching new heights, fueled by Bitcoin’s unprecedented rally above $89,000 and a surge in overall market capitalization, which now stands at $3.1 trillion. This milestone places the crypto market’s valuation just below France’s GDP, positioning it as one of the world’s largest economic forces. With new momentum across major cryptos, here are the top assets to watch as the crypto market enters a new era of growth.

 

Quick Take

  • Bitcoin (BTC) has surged to an all-time high of $89,500, marking an 11% increase in the past 24 hours.

  • Ethereum (ETH) hit a peak of $3,384, driven by record-breaking ETF inflows and institutional interest.

  • Solana (SOL) climbed to $222, its highest price since December 2021, fueled by strong DeFi growth.

  • Dogecoin (DOGE) reached $0.41, supported by speculations around Elon Musk’s influence in U.S. crypto policy.

  • Worldcoin (WLD) soared 24% following the expansion of its ID verification project to 40 countries.

  • Sui (SUI) touches a new all-time high of $3.30 after registering almost 60% gains in the past week. 

Bitcoin Breaks $89,000, Eyes $100,000 Target

BTC/USDT price chart | Source: KuCoin

 

Bitcoin’s rally continues to redefine market trends, hitting a record high above $89,900 on November 12. BTC’s market cap alone now surpasses that of Spain, placing it as a top financial asset. Analysts expect Bitcoin to maintain its dominance as the primary driver of crypto’s valuation surge. Markus Thielen of 10x Research notes that Bitcoin’s trajectory toward $100,000 could happen before year-end, particularly with growing institutional inflows into Bitcoin ETFs.

 

Further reinforcing this bullish outlook, the post-halving supply constraints are tightening Bitcoin’s availability, a phenomenon that experts like Jesse Myers attribute to Bitcoin’s exponential price growth. Bitcoin’s limited supply, combined with surging demand from U.S. ETFs, has created a “flywheel effect” that is likely to push prices even higher.

 

Read more: Bitcoin at 89k, Solana Soars Close to All Time Highs at $222, Bitcoin ETF Trading Volume Increases to $38 Billion: Nov 12

Ethereum Hits $3,400 Amid Record ETF Inflows and DeFi Expansion

ETH/USDT price chart | Source: KuCoin

 

Ethereum continues to gather momentum, with its price climbing above $3,400 on November 12, driven by institutional demand and DeFi growth. Spot Ether ETFs saw inflows totaling nearly $295 million, with Fidelity’s ETF leading the way. This influx of capital is helping Ethereum narrow the performance gap with Bitcoin, bolstered by increasing adoption in the DeFi sector. Vitalik Buterin recently emphasized Ethereum’s dual focus on finance and information systems, aiming to expand the network's utility and institutional appeal.

 

Analysts are optimistic that Ethereum could soon approach $4,000, particularly if the U.S. SEC approves spot ETH ETF options. Ethereum’s long-term potential as a decentralized finance platform continues to attract both retail and institutional investors.

 

Read more: What Is The Surge Phase in Ethereum 2.0 Upgrade?

Solana Surges to $223 on DeFi Growth, New ATH Soon?

SOL/USDT price chart | Source: KuCoin 

 

Solana has seen a remarkable recovery, reaching $223, marking a 35% increase over the past week. This rally is largely attributed to Solana’s strong DeFi ecosystem, with total value locked (TVL) reaching $7.6 billion, the highest level since 2021. Key decentralized applications like Raydium and Drift are significantly boosting Solana’s ecosystem, helping to attract new users and capital to the network.

 

Solana’s growth has reignited talks of a potential “flippening” with Ethereum, where its market cap could challenge or surpass Ethereum's. Solana’s active community and high-speed blockchain technology position it well for continued upward movement, with analysts speculating a new all-time high if the current trend persists.

 

Read more: Solana vs. Ethereum: Which Is Better in 2024?

Dogecoin Surpasses $0.42 as Elon Musk’s Influence Boosts Investor Confidence

DOGE/USDT price chart | Source; KuCoin 

 

Dogecoin, the original memecoin, has experienced a strong rally, climbing over $0.42 and surpassing its three-year high. This surge is linked to speculation that Elon Musk, a prominent supporter of Dogecoin, may take a government role under the Trump administration. Musk’s association with crypto-friendly policies has renewed interest in Dogecoin, leading to a surge in options trading.

 

As retail interest in Dogecoin grows, the token is well-positioned to continue its upward momentum, with some analysts predicting it could revisit its previous high of $0.73.

 

Read more: Top 10 Dog-Themed Memecoins to Watch in 2024

Worldcoin (WLD) Jumps 24% on Global Expansion of ID Verification

WLD/USDT price chart | Source: KuCoin

 

Worldcoin, co-founded by Sam Altman, has seen its price rise by 24% as it expands its ID verification project across 40 countries. The World ID program uses biometric verification, which has resonated well in new markets in Europe and Latin America, driving interest in the WLD token. This expansion has boosted trading volume and attracted large-scale investors, with over 45% of WLD holders now profitable at current prices.

 

Analysts believe Worldcoin’s focus on decentralized identity could position it as a key infrastructure project within the crypto ecosystem, with the potential to reach new price levels if the current momentum continues.

 

Read more: Best Decentralized Identity (DID) Projects to Watch in 2024

Sui (SUI) Reaches New All-Time Highs as DeFi Growth Bolsters Market Cap

SUI/USDT price chart | Source: KuCoin

 

Sui (SUI) has recently emerged as a top-performing cryptocurrency, reaching a new all-time high of $3.30 on November 11, 2024, with a surge in market cap to $9.83 billion. Over the past week, SUI’s price has skyrocketed nearly 60%, positioning it among the top assets to watch as it gains traction in the decentralized finance (DeFi) space.

 

At the time of writing, SUI is trading at $3.08, with a trading volume of $2.95 billion in the past 24 hours. The coin has seen consistent support from technical indicators like the bullish BBTrend and EMA alignment, signaling strong buying momentum that could propel SUI to even higher levels if the trend persists.

 

Sui’s Total Value Locked (TVL) has also seen impressive growth, reaching a peak of $1.48 billion. This increase underscores the network’s growing adoption and usage within the DeFi ecosystem. As Sui’s market cap rises and its DeFi ecosystem grows, the network is drawing attention for its ability to attract liquidity and user participation, signaling robust support for future growth. With key support levels around $2.21, Sui is poised to maintain its upward trajectory, setting the stage for potential new highs and solidifying its position as a major player in the crypto market.

 

Read more: SUI Price Soars 66% to Record Market Cap: What’s Next for SUI?

Crypto Market on Track for $10 Trillion Valuation by 2026?

According to a recent report by Standard Chartered, a favorable regulatory environment under the Trump administration could quadruple the crypto market cap to $10 trillion by 2026. The bank cites potential positive policy changes as a significant tailwind for crypto, suggesting that institutional adoption could drive valuations to unprecedented levels. Geoff Kendrick, head of digital assets research at Standard Chartered, points out that the growth of use-case-driven digital assets will play a critical role in the next market phase.

 

Conclusion

The crypto market’s recent rally, led by Bitcoin’s breakthrough to $89,000, marks an exciting time for investors. With Ethereum, Solana, Dogecoin, and Worldcoin showing strong momentum, these assets are among the top to watch. However, as the market enters “extreme greed” territory, investors should stay vigilant and consider risk management strategies. The surge in market cap and favorable U.S. policy prospects signal continued growth, yet market volatility remains a key factor for the months ahead.

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