HYPE, VIRTUAL, and AAVE Top the List of December Altcoin Gainers

As December 2024's second week wraps up, numerous altcoins have showcased impressive price performances, with several continuing the bullish momentum

As the second week of December 2024 comes to a close, several altcoins have exhibited impressive price performances, continuing the bullish momentum observed in November.

BeInCrypto analyzed the top-performing altcoins of the week and examined the factors contributing to their value surges. Among the top three gainers are Hyperliquid (HYPE), Virtuals Protocol (VIRTUAL), and Aave (AAVE).

1. Hyperliquid (HYPE)

Leading the pack of December altcoin gainers is HYPE, the native token of the decentralized perpetual exchange Hyperliquid. This week, HYPE's price soared by 48.60%, reaching a new all-time high of $21.48 before experiencing a slight retracement to $20.70.

This surge could be attributed to the increasing demand for the cryptocurrency. Additionally, some HYPE airdrop recipients have reportedly held onto their tokens, and the fact that HYPE is yet to be listed on any centralized exchange also contributed to the surge.

If demand remains high and no significant selling pressure emerges, HYPE's value might continue to rise, potentially pushing the market cap, which currently stands at close to $7 billion, even higher.

2. Virtuals Protocol (VIRTUAL)

Another altcoin experiencing strong gains this month is VIRTUAL, a token closely tied to the trending narrative of AI agents.

According to BeInCrypto's findings, demand for tokens linked to the narrative has played a key role in VIRTUAL's price surge. As a result, VIRTUAL's price climbed by 41.50% this week, currently trading at $2.57.

On the daily chart, the Bull Bear Power (BBP) indicator showcases buying pressure remaining dominant around the altcoin. If this continues, VIRTUAL could rise much higher than the current value.

However, if bears gain control and selling pressure rises, the altcoin's price might drop to $1.18.

3. Aave (AAVE)

Another altcoin that experienced notable gains in the second week of December 2024 is the DeFi token AAVE. 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 appears that AAVE's rally is set to continue. One factor contributing to this assertion is the Awesome Oscillator (AO) indicator, which 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.