As the second week of December 2024 came to a close, many Altcoins have shown impressive price increases, with some continuing to maintain the upward momentum that had formed since November. Interestingly, the list of Altcoins that saw price increases in December includes some names that certain analysts had previously predicted.
In this analysis, TinTucBitcoin highlights the best-performing Altcoins this week and provides detailed information on the reasons behind their strong price appreciation. Notably, the top three names include Hyperliquid (HYPE), Virtuals Protocol (VIRTUAL), and Aave (AAVE).
Hyperliquid (HYPE)
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 increased by 48.60% and reached a new all-time high of $21.48 before adjusting to $20.70.
This development may be related to the growing demand for this cryptocurrency. Furthermore, the fact that some Airdrop recipients of HYPE have not sold, and it has not yet been listed on any centralized exchanges, has contributed to this increase.
If this situation continues, the value of HYPE could continue to rise. The market capitalization, currently also close to $7 billion, may also increase further as it is calculated based on price and circulating supply.
However, if the Altcoin faces selling pressure in the coming days, this may not occur. Instead, the value could erase a portion of the recent gains.
Virtuals Protocol (VIRTUAL)
VIRTUAL, a Token based on an Artificial Intelligence (AI) platform, is one of the Altcoins that have seen price increases this month. According to TinTucBitcoin's assessment, VIRTUAL has undergone a significant price increase due to the demand for Tokens related to the AI representation trend.
As a result, the price of VIRTUAL has increased by 41.50% this week and is currently trading at $2.57. On the daily chart, the Bull Bear Power (BBP) indicator is in the positive zone, indicating that buying pressure around the currency still dominates.
If this trend continues, VIRTUAL could rise much higher than its current value. However, if the selling side takes control and selling pressure increases, this could change. In that case, the price of the Altcoin could drop to $1.18.
Aave (AAVE)
The DeFi Token AAVE is another Altcoin that has recorded a notable price increase in the second week of December 2024. During the mentioned period, the value of the Token increased by 36.20%. This may be related to significant accumulation by whales and the news that the cryptocurrency project of the President-elect of the United States, Donald Trump, has purchased this Altcoin.
On the daily chart, it appears that the strong uptrend of AAVE is unlikely to end anytime soon. One reason for this assessment is the Awesome Oscillator (AO), a momentum indicator.
When AO is negative, momentum is decreasing. However, in this case, the AO continues to rise with notable green histogram bars.
If this trend continues, the price of AAVE could jump to the $440 level. However, if Altcoin holders decide to take profits, this may not happen, and the value of this currency could drop to $309.42.
