The rising demand for the altcoin market by institutional investors has given undervalued blockchains a more bullish outlook.
As the total crypto market cap breaks out from the previous all-time high, the altcoin market is gradually gaining bullish momentum. In the past 24 hours, mid-cap layer one (L1) projects led by Hedera HBAR $0.19 24h volatility: 3.6% Market cap: $8.08 B Vol. 24h: $265.32 M and Tezos XTZ $0.56 24h volatility: 0.4% Market cap: $587.72 M Vol. 24h: $28.70 M registered the highest gains.
According to the latest crypto oracles, HBAR price rallied over 29 percent in the last 24 hours to trade about 14 cents on Tuesday, November 19, during the early New York session. As a result, more than $9.5 million in the HBAR’s leveraged market was liquidated, mostly involving short traders.
During the same period, XTZ price rallied over 31 percent to trade at about $1.12 at the time of this report. Consequently, more than $6 million was liquidated from the XTZ’s leveraged market.
The notable liquidation of short traders in the HBAR and XTZ pairs during the past 24 hours increased the impact of the ongoing short squeeze in the altcoin market.
Major Factors that Caused HBAR and XTZ to Lead the Altcoin Market
As Coinspeaker previously reported, the altcoin market has significantly improved since the historic victory of pro-crypto leaders in the United States, led by President-elect Donald Trump. The United States is expected to enact clear crypto regulations in the coming years to compete with other global markets.
Consequently, Bitcoin price has attracted more funds from traditional markets, as observed with the notable cash inflows to the US spot BTC ETFs. From historical bull markets, it is clear that the crypto cash rotation favors undervalued altcoin projects as Bitcoin’s bullish momentum slows down.
As for Hedera’s HBAR, the past two weeks have been extremely bullish, fueled by heightened FOMO traders. From a technical analysis standpoint, HBAR’s price successfully rebounded from a major support level above $0.042, which was established from May 2022 to date.
Already, HBAR’s weekly Relative Strength Index (HBAR) surged over the 70 percent level, following a 220 percent growth in the last 14 days. The altcoin needs to consistently close above the crucial resistance level of around 14 cents, which was registered during the peak of May 2024.
As Coinspeaker reported, the involvement of Hedera’s developers in the upcoming Trump administration has significantly bolstered HBAR’s bullish outlook. For instance, Brian Brooks, a Bitcoin prominent board member of the Hedera Hashgraph, is ostensibly on the list of candidates for the chair of the US SEC.
Meanwhile, the Trump administration is reportedly considering exploring a Federal Blockchain-based election voting and identity system, which will run on the Hedera, Cardano, and Hyperledger networks.
As for the XTZ price, the notable upsurge in the past 24 hours is majorly attributed to the major adoption by Everstake, a top-tier validator across more than 70 blockchains. According to the announcement, Everstake highlighted that it will support Tezos staking, with an annual percentage rate (APR) of up to 13.35 percent.
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