Ripple (XRP) has reached new heights recently, surpassing both Solana (SOL) and Tether (USDT) to claim the position of the third-largest cryptocurrency by market capitalisation.
The argument for an altcoin season continues to gain traction as Bitcoin remains range-bound, while altcoins consistently outperform. Currently, 84% of the top 50 altcoins are outperforming Bitcoin, signaling strong momentum in the broader cryptocurrency market.
Despite this, sentiment suggests it may be too early to declare a full-blown alt season. Instead, the current environment might signal a potential local top before a deeper correction. While last week saw the first notable correction, the rapid rise of new and lesser-known coins—some gaining 70% daily and entering the top 100—indicates that we could be approaching a market high.
Regardless of Bitcoin's short-term moves, our long-term outlook remains bullish. The overarching trend for Bitcoin is still "up and to the right," characterised by occasional, rapid pullbacks that quickly reverse. These pullbacks often present excellent buying opportunities for Bitcoin and other strong altcoins, as highlighted in our Stormrake Spotlights.
XRP Holders:
XRP experienced its first red day in a week yesterday, as we suggested it might be time for profit-taking. Following this, XRP fell 20% after our morning note but has since bounced back and is now trading at $2.53.
We remain bullish on XRP but recommend rotating profits into stronger coins that have not yet seen significant rallies. A 400% rally, such as the one XRP recently experienced, is challenging to sustain and often results in a larger pullback. Diversifying profits into undervalued projects could help mitigate risk and maximise gains during this cycle.
Stormrake Spotlight: Fetch.AI ($1.92)
Stormrake Spotlight: Fetch.AI ($1.92)
Fetch.AI (FET) has long been one of our top picks for AI-related cryptocurrency projects. It reached an all-time high of $3.40 in March, and its potential has only grown since its recent merger with other AI projects, Ocean and Singularity. This strategic collaboration has created a powerhouse project in the artificial intelligence crypto space.
Over the past two weeks, FET has rallied 50% but remains 44% below its all-time high. Given its strong narrative, innovative developments, and current valuation, we believe FET is undervalued and has significant upside potential in this bull run. For more information on the merge and what it may bring, read our Thunder Trading article on it.
BTC/USD Key Levels and Price Action:
BTC/USD Key Levels and Price Action:
Bitcoin remains in a bearish structure but is showing early signs of recovery. After sharply reversing from its recent low of $93.7k—a key support level—it now appears poised to reclaim bullish momentum. Currently trading above all major moving averages, Bitcoin is positioned to break out of its bearish structure. A break above the recent high of $97.3k would set the stage for a potential rally toward $100k.
BTC Total ETF Flows for 3 Dec: $ + 7.8 million
(ETF flow data is sourced from https://farside.co.uk/btc/ and reflects figures at the time of writing.)
ETH/USD Key Levels and Price Action:
ETH/USD Key Levels and Price Action:
Ethereum appears to be forming a strong base around the $3,557 support level, which has held firm for months. Although ETH recently printed a lower low overnight, its failure to close below this critical level underscores the strength of this support. With ETH now trading above all major moving averages, a sustained close above the 55-EMA could pave the way for further gains. Breaking the recent high of $3,670 would confirm a shift out of its bearish structure and open the door for continued upward momentum.
ETH Total ETF Flows for 3 Nov: $ - 6.4 Million
(ETF flow data is sourced from https://farside.co.uk/eth/ and reflects figures at the time of writing.)
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Written by Alexandar Artis
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