Cardano Whales Bank On A Massive Bull Run As Full-Blown Mega Rally Nears For Ripple's XRP and Solana

Over the past month, Bitcoin (BTC) has posted significant gains, with traders eyeing a break above $100,000 before the end of the year. These gains have boded well for a majority of altcoins.

However, at press time, Bitcoin’s rally showed signs of weakening after a 1.4% drop in 24 hours to trade at $94,198. This drop has seen the broader market retrace, with the total market capitalization dropping by 2.5% to $3.3 trillion.

Despite the recent pullback, an altcoin rally could already be underway after a surge in the Altcoin Season Index to a multi-month high, with the altcoin market showing signs of strength. This is after the altcoin index surged to 53, marking its highest level since April 2024.

A rise in this index shows that altcoins are performing better than Bitcoin. It could also suggest the start of a major rally in the altcoin market.

However, the beginning of an altcoin season will only be confirmed if this index rises above 75. If it rises to this level, it will confirm that other cryptos are delivering better returns compared to Bitcoin.

Bitcoin dominance slips

The surge in the altcoin season index has also been accompanied by a slight drop in Bitcoin’s dominance. In just one month, BTC’s market cap dominance has declined from 60% to around 56%, suggesting that altcoins were taking up Bitcoin’s market share.

(Source: Tradingview)

Meanwhile, the ETH/BTC ratio has also bounced from range lows as Ethereum gains interest. Institutions also appear to be favoring Ethereum. Data from SoSoValue shows that on 25th November, spot Ethereum exchange-traded funds (ETFs) had positive inflows of $2.8M, while inflows to Bitcoin ETFs came in negative at $438M.

Ethereum has yet to post a strong rebound, given that it traded at $3,273 at press time after a 3.6% drop. However, in the last seven days, ETH has gained by around 6%.

Cardano & XRP lead altcoin rally

While Ethereum is showing signs of strength, the two altcoins currently outperforming the other top-ten largest cryptocurrencies by market capitalization are Ripple’s XRP and Cardano (ADA).

ADA has gained 4% in the last seven days, while XRP has gained 7%. These coins were also among the top performers in November.

Top meme coins, including Dogecoin (DOGE) and Shiba Inu (SHIB) had also posted strong gains over the past month before the recent pullback.