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Crypto experts have predicted that the cryptocurrency market could experience a pullback.
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After a gain of 478%, Stellar (XLM), the market leader in November, led the crypto market surge.
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Bitcoin’s closeness to $100,000 complicates analyst’s expectations.
Crypto analysts predict that the market could pull back in December, before the next trend begins. Recent analysis of the top 100 digital assets in November by performance revealed an overheated rate of funding.
Stellar (XLM), with a gain of 478% in the last 30 day, led the market. Virtual Protocol (VIRTUAL), ranked second, with a profit of 336%, while XRP (ALGO) and XRP (XRP) tied for third place, each gaining 268%.
Read Also: Stellar (XLM), Price Prediction 2024-2030 – Will XLM Price Reach $1 Soon?
Bitcoin Breaks Records, Nears $100K
Donald Trump’s U.S. Presidential victory fueled the rally in November, breaking months of upward speculation. TradingView reports that Bitcoin has risen 48% since November 5 and reached a new record high of $98,800. BTC has surpassed the high of $73,000 before the halving, leading the market uptrend.
The recent crypto market surge, when viewed in the context of macroeconomic and social-political factors, has created a variety of dynamics. Bitcoin’s proximity towards the psychological barrier of $100,000 introduces additional complexities. Traders weigh the possibility of continued bull runs against taking profits.
Technical indicators indicate that the crypto market has reached an overbought state and will soon begin a correction, with long-term traders able to cash in on some profits. Digital asset investors are on edge due to recent sociopolitical events in the U.S.
Trump’s recent appointments and his pro-crypto promises in the campaign are causing optimism. The actions of the incoming administration after they take over power will have a significant impact on the crypto market’s trajectory in the long-term. Many technical analysts believe the market is due a pullback. This would happen before the year’s end to mark a consolidation phase ahead of the next rally.
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