As the second week of December 2024 came to a close, many altcoins have put on an impressive price performance, continuing the strong growth momentum from November. Notably, the list of altcoins that saw price increases this month includes some names that were previously predicted by analysts.
In this analysis, Bitcoin Magazine will highlight the best-performing altcoins over the past week and explain the factors driving their value. Topping the list are Hyperliquid (HYPE), Virtuals Protocol (VIRTUAL), and Aave (AAVE).
Leading the list of altcoins with price increases in December is HYPE, the native Token of the decentralized exchange Hyperliquid. This week, the price of HYPE has risen 48.60%, reaching a new all-time high of $21.48 before correcting to $20.70.
The main reason for this price increase may be the growing demand for HYPE. Furthermore, the fact that some people did not sell their Tokens received through Airdrop, and that HYPE has not yet been listed on any centralized exchanges, also contributed to the upward trend.
If this situation continues, the price of HYPE may continue to rise. The market capitalization of HYPE, which is currently close to $7 billion, may also increase further due to the calculated price and circulating supply.
However, if this altcoin faces selling pressure in the coming days, its value may decline and erase a portion of the recent gains.
VIRTUAL, a Token related to the Artificial Intelligence (AI) sector, is one of the standout altcoins this month. According to Bitcoin Magazine, VIRTUAL has seen a notable price increase due to the growing demand for Tokens related to the "AI agent" trend.
As a result, the price has increased by 41.50% in the past week, currently trading at $2.57. On the daily chart, the Bull Bear Power (BBP) indicator is in positive territory, indicating that buying pressure still dominates around this coin.
If this trend continues, the price of VIRTUAL may rise even further. However, if the bears gain control and selling pressure increases, the price of VIRTUAL could drop to $1.18.
AAVE, a Token in the decentralized finance (DeFi) sector, is also an altcoin that has recorded a notable increase in the second week of December 2024. During this period, the price of AAVE has risen by 36.20%. This development may be related to the strong accumulation by "whales" and news that the cryptocurrency project of the elected President of the United States, Donald Trump, has purchased this altcoin.
On the daily chart, the upward trend of AAVE does not appear to be showing signs of slowing down. One of the reasons is the Awesome Oscillator (AO), which is used to measure market momentum.
When AO is in negative territory, the market momentum is decreasing. However, in this case, the AO index continues to rise with prominent green histogram bars.
If this trend is maintained, the price of AAVE may surge to the level of $440. Conversely, if investors take profits, the value of this altcoin may drop to $309.42.
You can view the coin prices here.
Disclaimer: This article is for informational purposes only and is not investment advice. Investors should do their own research before making any investment decisions. We are not responsible for your investment decisions.
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