The global cryptocurrency market grew 11.5% this week, reaching an all-time high of $3.49 trillion and adding $358 billion in valuation.
Bitcoin (BTC) surged more than 8% during this period as buyers attempted to breach psychological resistance at $100,000, and the hype spread to the broader altcoin market.
Some of the standout performers this week include Stellar (XLM), Dogecoin (DOGE), and Cardano (ADA).
Stellar rebounds over 190%
Stellar surged more than 190% in the past seven days, trading at $0.4436, its highest level in 40 months as demand surged, making it the best performing asset among the 100 top cryptocurrencies according to CoinGecko data.
The altcoin is up nearly 430% from its July low.
The majority of these gains occurred on November 23, following a recent announcement from the Federal Reserve highlighting Stellar as a potential tool to power the blockchain component of its FedNow payments system.
Traders remain optimistic about the potential of XLM. In an article
The analyst predicted that a break above the neckline, connecting the peaks between Adam and Eve, at $0.8756, its all-time high reached on January 3, 2018, could push its price up to $5, i.e. almost 1,030% above the current price level. .
Dogecoin continues its rally
Dogecoin rose another 27% this week, hitting a new yearly high of $0.48 on November 23.
The meme coin has seen an impressive gain of 239% 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 retest of the all-time high of $0.73 in the coming days, analysts have outlined 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% rise. Marks identified the immediate target range for Dogecoin as between $0.65 and $1.25.
Meanwhile, technical indicators suggest that the recent rally may face a pullback as its price approaches the upper Bollinger band at $0.5084 and the relative strength index climbed above 82, signaling that the asset is currently overbought.
Cardano recovers $1
Cardano made a significant recovery over the past week as the altcoin surpassed the $1 price level for the first time since April 2022.
The altcoin has soared 43.7% over the past week, trading at $1.08 at the time of writing. Additionally, its daily trading volume jumped 86% to $8.1 billion, suggesting growth in its marketplace business.
Most of these gains occurred over the past couple of days as whales began accumulating the altcoin. According to data from IntoTheBlock, the net flow from whale holders increased by more than 220%, from an outflow of $54.1 million on November 20 to an inflow of $77.2 million on November 22 .
The rally was also supported by an uptick in open interest, which jumped more than 27% to exceed $985 million, according to CoinGlass.
