The Cryptocurrency Market is Experiencing Significant Upside Momentum

The cryptocurrency market is experiencing significant upside momentum, with nearly all the top cryptos seizing the opportunity to register notable gains.

The cryptocurrency market is experiencing significant upside momentum, with nearly all the top cryptos seizing the opportunity to register notable gains. Events of the past few days have revealed an alternating pattern, where the cryptocurrency hierarchy appears to take turns in an upward movement, suggesting a momentary capital transfer across different cryptocurrency ecosystems.

Bitcoin undisputedly led the crypto market rally immediately after Donald Trump won the U.S. presidential election. The pioneer cryptocurrency rediscovered its bullish momentum and broke above an all-time high established during the pre-Bitcoin halving rally earlier this year. BTC’s post-election rally triggered the overall upside movement the crypto market has experienced in the past few weeks.

It is worth noting that Solana (SOL) surged alongside Bitcoin in the initial stages of the post-election rally. The scalability-focused altcoin reversed a momentary bear trend, pushing upwards and recording a new yearly high. However, SOL consolidated after rallying to $225, declined to the psychological $200 level, and trended sideways for nearly one week.

Meanwhile, XRP took over the reins during Solana’s consolidation, attracting significant inflow, and surging 120% between Monday, November 10 and Saturday, November 16. XRP’s rally took the crypto industry’s attention, considering the crypto token’s past challenges due to the SEC’s long-lasting litigation against Ripple.

XRP climbed above $1 for the first time since December 2021, reigniting a long-lost bullish sentiment that led analysts to predict much higher levels for the altcoin. In the meantime, a notable pattern in the crypto market behavior reflects the core elements associated with typical bull runs. XRP and other top altcoins pulled back slightly in the early hours of Sunday while Solana took over the show.

Solana has recorded over 12% in daily gains as of the time of writing, climbing above $240 for the first time since December 2021. Sunday’s price surge pushed SOL closer to the $260 all-time high, leading analysts to believe the cryptocurrency is out to record a new milestone soon.

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