Stellar, Dogecoin, and Cardano Shine as Crypto Market Valuation Reaches $3.5 Trillion

The global cryptocurrency market has surged to an all-time high, crossing the $3.49 trillion mark, reflecting an impressive 11.5% increase over the week and adding $358 billion to its overall valuation. Bitcoin (BTC) led the charge, rising over 8% during this period as buyers pushed to breach the psychological resistance at $100,000, triggering a ripple effect across the broader altcoin market. Among the top performers, Stellar (XLM), Dogecoin (DOGE), and Cardano (ADA) have stood out, showing significant growth.

Stellar’s Meteoric Rise: 190% Surge

One of the most striking performances came from Stellar (XLM), which soared over 190% in the past week. At its peak, XLM traded at $0.4436, marking its highest point in 40 months and positioning it as the best-performing asset among the top 100 cryptocurrencies, according to data from CoinGecko. This surge is a dramatic reversal for Stellar, which was up nearly 430% from its lowest point in July.

The bulk of these gains came on Nov. 23, following a significant announcement from the Federal Reserve, which highlighted Stellar as a potential tool for the blockchain component of its FedNow payment system. This news triggered increased investor optimism, driving the price to new heights.

Technical analysts are also bullish on Stellar’s future. Charting Guy, a prominent analyst with over 20,100 followers on X, pointed out that the price movement over the last seven years forms an Adam and Eve pattern on its one-month chart. This technical pattern suggests that if the price breaks above the neckline at $0.8756 (the all-time high from January 2018), Stellar could rise as much as 1030%, potentially pushing its price to $5.

Dogecoin Continues to Rally

Another standout performer is Dogecoin (DOGE), which has surged by 27% this week, reaching a new yearly peak of $0.48 on Nov. 23. Dogecoin has been on a tear, seeing an impressive 239% gain over the past month. It now ranks as the fourth most traded cryptocurrency, with a 24-hour trading volume reaching $26 billion.

With the market anticipating a potential retest of its all-time high at $0.73, analysts are projecting even higher targets for 2025. Independent analyst Javon Marks has suggested that a confirmed breakout above previous highs could lead to a 52.2% upside, with a target range between $0.65 and $1.25.

However, some technical indicators signal that Dogecoin’s price might be due for a pullback. The asset is nearing the upper Bollinger Band at $0.5084, and its Relative Strength Index (RSI) has climbed above 82, indicating that Dogecoin may be overbought in the short term.

Cardano Reclaims the $1 Mark

Cardano (ADA) has also made a strong recovery, trading above the $1 price level for the first time since April 2022. Over the past week, Cardano has climbed 43.7%, reaching a price of $1.08. Additionally, its daily trading volume surged by 86%, reaching $8.1 billion, signaling a growth in market activity.

Much of this recent rally can be attributed to whale activity, as whale holders have increased their accumulation of Cardano. According to IntoTheBlock data, there was a 220% surge in whale holder netflow, shifting from outflows of $54.1 million on Nov. 20 to inflows of $77.2 million on Nov. 22. This shift suggests growing confidence among large investors.

Furthermore, Cardano’s rally is supported by an uptick in open interest, which increased by 27%, surpassing $985 million, according to CoinGlass. This indicates increased investor interest and positions in Cardano futures, signaling bullish sentiment for the token.

Overall Market Outlook

The performance of Stellar, Dogecoin, and Cardano comes at a time when the entire cryptocurrency market is experiencing significant growth. As Bitcoin approaches new all-time highs, the broader altcoin market is also benefiting from this bullish sentiment. Stellar, Dogecoin, and Cardano, each with their own unique drivers, are capturing the attention of traders and investors alike.

While the future remains uncertain, these altcoins are positioning themselves as key players in the next wave of cryptocurrency innovation. With factors like regulatory clarity, whale activity, and network upgrades all influencing their price movements, these coins could see even more upside in the coming weeks and months, especially if the overall market continues to thrive.

In conclusion, Stellar, Dogecoin, and Cardano are shining examples of how innovation, strong community backing, and market conditions can propel cryptocurrencies to new heights, making them exciting assets to watch in this bull market.