While Bitcoin (BTC) is making waves in the market and continuing to target the coveted $100,000 milestone, the market sentiment is now shifting to altcoins, which are gaining serious momentum.
Ripple (XRP) has been the biggest winner apart from BTC in this bull cycle, after soaring over 400% since the U.S. elections. In the process, the cryptocurrency toppled Solana (SOL), Tether (USDT), and Binance Coin (BNB) to become the third-largest token by market capitalization.
The altcoin market, excluding Ethereum (ETH), is buzzing with activity as retail and whale investors rush to capitalize on mid and small-cap crypto assets. In this article, we have analyzed the top five altcoins that are leading this charge and have the potential to return the maximum profits.
1. Curve Finance (CRV)
CRV is gaining significant market traction due to a sharp increase in whale activity. According to on-chain data analytics firm Santiment, such a surge in activity often signals increased volatility and potential price rally.
Curve Finance is a decentralized exchange (DEX) that is primarily focused on trading stablecoins and other ERC-20 standard tokens deployed on the Ethereum blockchain. Unlike traditional exchanges, Curve utilizes automated market makers (AMMs) to facilitate trades automatically through liquidity pools.
Daily trading volumes on CRV now exceed $1.2 billion, with its price surging more than 50% over the past week. At the time of writing, CRV is changing hands at $0.8573 – up 22.95% in the last 24 hours.
2. Fantom (FTM)
FTM is the native token of the Layer-1 blockchain Fantom. It is among the top tokens that crypto whales are accumulating in December. According to reports, large-scale investors are buying up the token because of its highly-anticipated transition to Sonic, a platform designed to support decentralized applications (DApps) and has a Layer-2 bridge that connects to Ethereum (ETH).
Santiment’s data shows that FTM’s latest price rally has pushed its Market Value to Realized Value (MVRV) ratio into positive territory. Historically, when a token’s MVRV returns to positive levels, then its price is poised to climb, indicating the potential for further gains. Meanwhile, the balance of wallet addresses holding between 1 million to 10 million FTM has risen to 208.74 million, suggesting that whales could be preparing for a massive rally.
If this trend continues, then Fantom’s price could climb toward $2 by the end of the year. At the time of writing, FTM is trading at $1.24 – up 24.01% in the last 24 hours.
3. Trust Wallet Token (TWT)
TWT is the native utility and governance token of the popular self-custody wallet Trust Wallet. The token was launched just last month and is already gaining traction in the market due to the Binance-backed platform’s importance to the DeFi market.
TWT has formed a bullish pennant pattern on its price chart, driven largely by increased whale activity. At the time of writing, Trust Wallet Token (TWT) is changing hands at $1.29 – up 9.79% in the last 24 hours.
4. Dogecoin (DOGE)
The leading meme coin is not a surprise entry into this list as like in the previous months, whales are buying up DOGE expecting potential gains this month. Dogecoin’s rally can be linked to its close relationship with billionaire entrepreneur Elon Musk and his inclusion in the incoming Trump administration as part of an independent commission – the Department of Government Efficiency (D.O.G.E).
Recent numbers show that the number of DOGE held by crypto whales has risen from 642 million to 1.72 billion in a matter of days. This indicates that whales have accumulated over $1 billion worth of the meme coin in a short period. If this momentum continues, then we can expect Dogecoin’s price to continue to rise this month.
At the time of writing, Dogecoin (DOGE) is trading at $0.4181 – up 2.32% in the last 24 hours.
5. Optimism (OP)
OP is the native token of the Ethereum-based Layer-2 scaling solution Optimism, which is another token that whales have been buying in masses. While there is no major development happening on the network, it appears that the sentiment surrounding the potential for a rise in the price of ETH this month has large-scale investors interested in the asset.
Historically, the price of OP has increased alongside ETH. According to Santiment, the balance of addresses held by wallets holding 10 million to 100 million OP tokens has increased significantly in a short period. If this trend continues, then the token’s price could experience a notable rally in December, with the $4 valuation a possible target.
At the time of writing, Optimism (OP) is trading at $2.51 – up 8.60% in the last 24 hours.
Also read: Hedera (HBAR) Surges to 35%: Should Hedera Be Your Next Crypto Investment?
