Altcoin price action is making even Bitcoin look tame, with Stellar and Ripple surging ahead of the broader crypto market this week.
Ripple rose 70% in an impressive rally to two-year highs, supercharged by the prospect of the upcoming Spark token airdrop, which has a distribution snapshot scheduled for December 12th.
At the same time, competing cryptocurrency Stellar shot upwards to make similar gains. According to on-chain analysis firm Santiment, both rallies were preceded by a growing buzz of conversation on social media.
The Week Ahead
If prices can hold at these levels, Bitcoin will set two new records as November draws to a close — marking the highest monthly dollar gain ever at almost $5,000, and the highest monthly close since 2017.
This would set a positive tone moving into December, and set the stage for more upside amidst significant fundamental developments. Tuesday will mark the start of the biggest update in Ethereum’s history — Ethereum 2.0, and Facebook’s Libra is now said to be launching as soon as January 2021.
On the flipside, such a red hot rally could be expected to be followed by a cooling-off period, while Bitcoin digests recent gains and establishes stability.
