In previous bull markets, the last month of the year usually brings massive price appreciation for cryptos. So, the altcoin gainers of the first week of December 2024 may not surprise seasoned crypto investors who have witnessed similar rallies on several occasions.
These gains could be linked to massive buying pressure, capital rotation from large-cap coins, and several other reasons. That said, the biggest altcoin gainers include Hyperliquid (HYPE), Hedera (HBAR), and JasmyCoin (JASMY).
Hyperliquid (HYPE)
Hyperliquid’s HYPE leads this week’s altcoin gainers. Over the past seven days, its price has surged by 122% due to significant buying pressure.
On November 29, Hyperliquid distributed 310 million HYPE tokens to its community. Since then, the altcoin’s price has increased from $3.90 to $14.78.
The hike was accelerated this week by the news that crypto exchanges Bybit and OKX have listed HYPE on pre-market, suggesting that a full listing is not far away. Should these platforms list the altcoin, then trading volume might increase, and this could lead to a higher price for HYPE.
If that happens in the coming week, then the altcoin could be one of the biggest gainers again. Thus, investors might need to keep an eye out for developments related to the token.
Hedera (HBAR)
HBAR is another crypto that could not be left of December 2024 altcoin gainers. Like HYPE, the altcoin’s value has increased by over 100% this week. During the week, BeInCrypto reported about HBAR, noting that Open Interest (OI) around it has reached a peak not seen in years.
This hike in OI indicates a lot of speculative activity around the cryptocurrency coupled with buying pressure in the derivatives market. On the technical side, the 4-hour chart shows the formation of a bull flag.
The bull flag, a key technical analysis chart pattern, often points to an impending continuation of a bullish trend. Characterized by a sharp price surge (the “flagpole”) followed by a brief consolidation phase resembling a flag, this pattern suggests a temporary pause before upward momentum resumes.
With this pattern in place, HBAR’s price could rally toward $0.50 once it breaches the $0.39 resistance. However, if bears resist the breakout, this might not happen, and the price might decline to $0.29.
JasmyCoin (JASMY)
The Decentralized Physical Infrastructure Network (DePIN) project JasmyCoin is third on the list of December 2024 altcoin gainers. This week, JASMY rallied by 91% and currently trades at $0.051.
As a result, the market cap has surpassed $2.5 billion. Considering the positive Moving Average Convergence Divergence (MACD), it appears that JASMY’s price could be higher in the short term.
This is because positive MACD translates to bullish momentum. Hence, if this remains the same, then the altcoin’s value could climb to $0.059 or higher soon.
On the other hand, if profit-taking comes into play, this might not happen, and the token could drop to $0.043.
Disclaimer
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