HYPE, VIRTUAL, and AAVE: The Top-Performing Altcoins of December 2024’s Second Week

Several altcoins have enjoyed impressive price performances in the second week of December 2024, continuing the bullish momentum established in November.

Interestingly, some of the altcoins that have shown remarkable gains were also predicted by analysts to be among the top performers.

In this analysis, BeInCrypto highlights the best-performing altcoins from this week and provides insights into the factors that contributed to their price surges.

Among the altcoins that experienced the highest gains this week are Hyperliquid (HYPE), Virtuals Protocol (VIRTUAL), and Aave (AAVE).

Hyperliquid (HYPE)

Leading the list of December altcoin gainers is HYPE, the native token of the decentralized perpetual exchange Hyperliquid. This week, HYPE’s price surged by 48.60% and reached a new all-time high of $21.48 before retracing slightly to $20.70 at the time of writing.

This development could be attributed to the rising demand for the cryptocurrency in the market. Additionally, the fact that a significant portion of the HYPE airdrop recipients have not sold their tokens and that the crypto is yet to be listed on any centralized exchange may have contributed to the price surge.

If the demand for HYPE remains strong and there are no significant selloffs, the value of the altcoin could continue to rise. This may also lead to an increase in its market cap, which currently stands at around $7 billion and is calculated by multiplying the price by the circulating supply.

However, if the altcoin experiences selling pressure in the coming days, this may not occur, and the value of HYPE could erase some of its recent gains.

Virtuals Protocol (VIRTUAL)

Another altcoin that has enjoyed notable gains this month is VIRTUAL, a token with fundamentals in Artificial Intelligence (AI). According to BeInCrypto’s findings, VIRTUAL experienced a price surge likely due to the demand for tokens linked to the trending AI agent narrative.

As a result, VIRTUAL’s price climbed by 41.50% this week and currently trades at $2.57. On the daily chart, the Bull Bear Power (BBP) is in the positive region, indicating that buying pressure around the altcoin has continued to remain dominant.

If this trend continues and there are no major selloffs, VIRTUAL could rise much higher than the current value. However, if bears take control and selling pressure rises, this might change. In that case, the altcoin’s price might drop to $1.18.

Aave (AAVE)

DeFi token AAVE is another altcoin that saw notable gains in the second week of December 2024. During the mentioned period, the token’s value climbed by 36.20%.

This development could be linked to notable whale accumulation and news that US President-elect Donald Trump’s crypto project purchased the altcoin.

On the daily chart, it does not appear that AAVE’s rally will subside soon. One reason for this assertion is the Awesome Oscillator (AO), an indicator that measures momentum.

When the AO is negative, momentum is bearish. However, in this case, the AO reading has continued to increase with notable green histogram bars.

Should this trend continue, then AAVE’s price might jump toward $440. However, if the altcoin holders decide to book profits, that might not happen, and the crypto’s value could decline to $309.42.