Stellar, Dogecoin, and Cardano Lead Crypto Market Surge as Valuation Hits $3.5 Trillion

The global cryptocurrency market has experienced a remarkable 11.5% growth this week, reaching a record-high valuation of $3.49 trillion, adding $358 billion in total market value. Bitcoin (BTC) saw a notable 8% surge as it neared the psychological $100,000 mark, which, in turn, fueled a broader rally across the altcoin market.

Among the standout performers this week were Stellar (XLM), Dogecoin (DOGE), and Cardano (ADA), which all saw impressive price movements.

Stellar Soars 190%

Stellar (XLM) emerged as the top performer, soaring by an incredible 190% over the past seven days. The altcoin traded at $0.4436, marking a 40-month high. XLM's price has surged nearly 430% since its lowest point in July. Much of this explosive growth came on November 23, following an announcement by the Federal Reserve, which mentioned Stellar as a potential infrastructure component for its FedNow payment system.

Traders and analysts are bullish on XLM's future, with Charting Guy, a popular crypto analyst with over 20,000 followers on X, predicting that a breakout above the $0.8756 mark (its all-time high from January 2018) could propel the price to as high as $5—a potential increase of 1030% from current levels.

Dogecoin Continues Its Rally

Dogecoin (DOGE) also had a stellar week, rising by 27%, reaching a new yearly high of $0.48 on November 23. The meme coin has seen a remarkable 239% gain over the past month, and it is now the fourth most traded cryptocurrency, with 24-hour trading volumes hitting $26 billion.

With the market eyeing a potential retest of its all-time high of $0.73, analysts are predicting further upside. Independent analyst Javon Marks believes that a confirmed breakout above previous highs could drive Dogecoin’s price between $0.65 and $1.25, reflecting a 52.2% upside.

However, technical indicators suggest that the current rally may face a brief pullback. Dogecoin’s price is nearing the upper Bollinger Band at $0.5084, and the Relative Strength Index (RSI) has surged above 82, indicating that the asset is in overbought territory.

Cardano Reclaims the $1 Mark

Cardano (ADA) has experienced a strong resurgence, surpassing the $1 mark for the first time since April 2022. Over the past week, Cardano’s price has surged by 43.7%, reaching $1.08. Additionally, the altcoin has seen a remarkable increase in market activity, with its daily trading volume rising 86% to $8.1 billion.

The recent rally was largely driven by whale activity, as large holders began accumulating more ADA. Data from IntoTheBlock reveals a significant shift in whale netflow, from an outflow of $54.1 million on November 20 to an inflow of $77.2 million by November 22. Furthermore, Cardano's open interest has climbed over 27%, surpassing $985 million, according to CoinGlass.

A Strong Week for the Crypto Market

As Bitcoin edges closer to its $100,000 target, the broader cryptocurrency market continues to demonstrate resilience. Stellar, Dogecoin, and Cardano are just a few examples of the impressive gains within the space. With market valuations at an all-time high, the crypto market’s bullish momentum appears poised to continue, drawing increasing interest from both retail and institutional investors.