Legacy altcoins such as XRP, Hedera, Algorand, and Cardano are making a comeback and have posted significant gains over the past month. XRP has soared 431% in the past four weeks following rumors that the ongoing SEC litigation will be concluded. President Trump's election victory, technology updates, and increased platform adoption have reignited investor interest in classic cryptocurrencies.
Party like it's 1999 2017.
Legacy altcoins are back on the menu, and projects that have been dormant on the market for several years are finally breaking out of their shackles and making big profits.
Big names from the past such as XRP, Hedera, Algorand, and Cardano have reasserted themselves as top crypto projects over the past month.
So what's behind the optimism? And can it last?
Related: Altcoin season is here, analyst explains how to turn $1,000 into $10,000
Rumors of lawsuit settlement between SEC and XRP cause coins to fly
Last week's biggest topic was XRP.
The World Currency Project has been around since some crypto traders were in diapers (this is no exaggeration given the corrupt nature of our community).
But unlike most cryptocurrencies in the past, which reached all-time highs during the spectacular bull market of 2021, it has been almost seven years since XRP's last ATH.
The main reason for the lack of market interest is the long-running legal battle between Ripple Labs and the Securities and Exchange Commission. However, with the election of Donald Trump, experts believe the SEC may go so far as to drop the case altogether as part of its new Web3 regulatory strategy.
This has thrown the XRP market into turmoil, with the coin soaring 431% in the past month of trading.
Other positive factors include the XRP Ledger’s transition to DeFi and increased network activity across its ecosystem.
Altcoin season has arrived, with a flood of 100% profit earners
XRP is not the only traditional virtual currency that is soaring in value.
Its sister project, XLM, also posted a 480% monthly increase, followed by ALGO (351%), HBAR (395%), LINK (122%), and ADA (250%).
One of the reasons behind such huge profits is that even though many new non-Bitcoin cryptocurrencies are good, these projects have been relatively subdued over the past few years.
There has been a resurgence of investor interest in some of these classic cryptocurrencies with strong brand recognition, leading to excellent network activity. Combine this with the euphoria of President Trump's election victory and remarkable technological innovation, and you have a recipe for going to the moon.
📈 Currently, the network growth among several altcoins is remarkable. In particular, pay attention to the XRP Ledger, Shiba Inu, and Band. On Sunday alone, we watched…
📌 XRP: 22,357 new wallets
📌SHIB: 7,548 new wallets
📌Bands: 35 new wallets
All of these network growths have been relatively large increases… pic.twitter.com/3i1ZHV3Dvp
— Santiment (@santimentfeed) December 2, 2024
Of course, such tremendous prize increases are not sustainable in the short term. This is just how the market works. Every time the coin rises, whales skim the profits from the top, delaying the bull market.
According to Santiment, this could happen sooner rather than later for some top-performing altcoins.
According to 🐳 @santimentfeed Centralized exchange deposit dashboard. The largest altcoin transfers include Eigenlayer ($2.8 million), Ethena ($2.5 million), Worldcoin ($2 million), Wrapped Bitcoin ($4.8 million), Pepe ($3 million), and Chainlink ($1.8 million). dollar), etc. .
When the level of assets becomes large… pic.twitter.com/TE6Hgz2oYQ
— Santiment (@santimentfeed) December 2, 2024
Still, one thing is certain: altcoin season is upon us.
