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The global cryptocurrency market capitalization surged by an impressive 16.3% last week, reaching a record high of $3.2 trillion and gaining $430 billion in valuation for the week.
Bitcoin ($BTC) led the charge, achieving a new all-time high above $93,000. Here are some of last week’s other standout performers to watch:
$XRP finally reclaims $1
After underperforming at the start of the market uptrend two weeks ago, Ripple’s $XRP ($XRP) staged an impressive solo rally last week, closing with a remarkable 100% gain and solidifying its position among the top performers.
$XRP, $XLM, $LTC: Top cryptocurrencies to watch this week - 1"> The asset began the week trading below the critical $0.60 mark, following a dip from a $0.57 high days earlier. However, it gained momentum amid the market rally, surpassing $0.60 on Nov. 11.
Defying a slowdown in the broader market, $XRP continued its upward trajectory, breaking through the $1 barrier on Nov. 16 for the first time in three years. The rally peaked at $1.26 before facing a pullback, though $XRP managed to hold above $1, ending the week at $1.12.
Should the pullback persist this week, traders should monitor the upper Bollinger Band at $0.9980, as a drop below this level could signal further downward pressure.
$XLM rallies 115%
Stellar ($XLM), which often mirrors $XRP’s price movements, delivered an equally impressive rally last week, recording a staggering 115% surge by the week’s close.
The majority of these gains were realized on Nov. 16, with $XLM posting a 50.95% increase. This upward momentum was triggered by a breakout above the upper boundary of the Keltner Channel on Nov. 15, propelling $XLM past the $0.13 mark.
However, the new week has seen $XLM facing a sharp 12% decline, accompanied by a drop in its RSI, signaling weakening momentum.
Despite this, the RSI remains at 75, indicating it is still in oversold territory. For now, bulls remain in control as long as $XLM holds above the upper Keltner Channel boundary at $0.1693.
$LTC knocks at $100
Litecoin ($LTC) initially trailed in the broader market uptrend but experienced a significant rally last week, breaking through the $70 range. The asset initially spiked to $80 on Nov. 11 before retreating to $71 two days later.
A subsequent recovery pushed $LTC above $90 for the first time since May, reaching a seven-month high of $98 on Nov. 16. However, resistance at the critical $100 level halted further gains.
$LTC ended the week with a solid 29% gain but has since declined by 8.36% in the new week. The rally was partly fueled by a surge in social media mentions, as the Litecoin community humorously explored a pivot to meme coin status.
Due to current market conditions I now identify as a memecoin.
— Litecoin (@litecoin) November 14, 2024
Currently trading at $87.58, $LTC finds immediate support at the 38.2% Fibonacci retracement level around $85.64. If this level is breached, the next line of defense lies at $81.57 to prevent a drop below $80.
On the upside, Litecoin needs to clear $90.67 to regain bullish momentum.