Altcoins Market Cap Hits All-Time High While Bitcoin Struggles - Cryptocurrencies to Watch

Altcoin Market Cap Reaches New All-Time High

In a significant milestone for the cryptocurrency market, the total altcoin market capitalization has finally surpassed its previous all-time high (ATH) set in November 2021. This breakthrough comes after approximately 1,400 days of waiting, signaling renewed strength in the alternative cryptocurrency sector despite Bitcoin's recent struggles.

However, this achievement comes with caution, as the altcoin market cap has already retreated to test exponential moving averages (EMA 9/EMA 18). The current support level around $1.5 trillion remains crucial for maintaining bullish momentum. Should this support fail, we could see a potential retracement to the $1.2 trillion level.

Bitcoin's Struggles Impact the Broader Market

While altcoins are showing signs of strength, Bitcoin has faced resistance near the $120,000 mark. Despite the Federal Reserve's recent 25 basis point rate cut, Bitcoin has struggled to gain upward momentum and has even fallen below $115,000. This weakness has triggered broad sector declines across the cryptocurrency market.

All major crypto sectors have recorded losses over the past seven days. Real World Assets (RWA) and tokens associated with Solana and Ethereum ecosystems have been hit hardest, with average declines exceeding 10%. Meanwhile, Layer 1 protocols, gaming tokens, and the top 30 cryptocurrencies by market cap have shown relative resilience, with losses under 5%.

Outliers Showing Remarkable Strength

Despite the overall market downturn, several cryptocurrencies have delivered exceptional performance:

• Aster (ASTER): Recently launched and showing an astounding 1,800% gain over the past week
• APX (APX): Climbing nearly 1,500% during the same period
• Binance Coin (BNB): Demonstrating strength as a top-tier exchange token
• Immutable (IMX): Standing out in the gaming sector with double-digit gains

Cryptocurrencies to Watch

DeXe (DEXE): Testing Critical Resistance

DEXE has shown impressive resilience with nearly 60% growth in seven days while most crypto sectors were declining. After finding support at $7, the price has rallied to test the critical $11 resistance level. A successful breakout could drive prices toward the next resistance at $16, while rejection might send DEXE back to test support. The RSI indicator approaches a descending trendline, suggesting the momentum remains vulnerable until this technical barrier is overcome.

Immutable (IMX): Range-Bound with Bullish Indicators

IMX posted a solid 10% gain last week but remains confined within a trading range between $0.40 and $0.75. The cryptocurrency is currently testing the upper bound of this range. A breakout could target the $1.10 level, while failure might result in a retest of the $0.40 support. Positively, the RSI has broken above a long-standing descending trendline, suggesting improving momentum since the beginning of the year.

Story (IP): Breaking Out with Strong Momentum

IP has been among the week's top performers with a 40% price increase. The token has broken above a descending trendline and continues to trade above its bullish exponential moving averages (EMA 9/EMA 18). Current support levels sit at $7.50 and the rising EMAs. The RSI has been forming bullish structures for several months, indicating strong buying momentum for this altcoin.

Key Takeaways

While Bitcoin's drop below $115,000 has pressured the broader market, the altcoin market cap's new all-time high suggests selective strength in the alternative cryptocurrency space. Layer 1 protocols, gaming tokens, and top market cap cryptocurrencies have shown the most resilience.

For investors looking at individual opportunities, DEXE, IMX, and IP present interesting technical setups, with IP showing particularly strong momentum in price discovery mode. Despite current challenges, multiple indicators suggest the potential for renewed upward movement in the cryptocurrency market.