While Bitcoin’s historic breach of the $10,000 barrier dominated headlines on November 28, 2017, the real story was what happened across the rest of the cryptocurrency market. Altcoins staged a massive rally that pushed the total crypto market capitalization past $300 billion, with several alternative cryptocurrencies delivering eye-popping single-day gains that underscored the mania gripping digital assets.
TL;DR
- Bitcoin’s $10,000 breakthrough triggered a market-wide altcoin rally on November 28, 2017
- Cardano (ADA) surged 138.74% in 24 hours, making it the day’s biggest large-cap winner
- IOTA gained 40.65% and Stellar climbed 40.13% as investors rotated profits into alternative assets
- Ethereum Classic rallied 30.26%, while Bitcoin Cash and Litecoin also posted significant gains
- Total cryptocurrency market cap reached $316 billion, up over 2,000% year-to-date
Cardano’s Breakout Performance
Perhaps no cryptocurrency captured the spirit of the altcoin surge quite like Cardano (ADA). The relatively new entrant to the top-20 cryptocurrencies exploded by 138.74% in just 24 hours, pushing its price to $0.119 and its market capitalization to $3.1 billion. Over a seven-day period, ADA had gained an astonishing 319.66%, making it one of the best-performing digital assets of the entire 2017 bull run.
Cardano’s rally was driven by growing interest in its proof-of-stake blockchain protocol and academic peer-review approach to development. Founded by Charles Hoskinson, a co-founder of Ethereum, Cardano was positioning itself as a more scientifically rigorous alternative to existing smart contract platforms.
IOTA and Stellar Surge
IOTA, the cryptocurrency designed for the Internet of Things ecosystem using its unique Tangle technology instead of a traditional blockchain, gained 40.65% in 24 hours to reach $1.50 per coin. Its market cap climbed to $4.18 billion, making it the eighth-largest cryptocurrency by valuation. Over the previous week, IOTA had gained 66.49%, driven in part by announcements of partnerships with major technology companies.
Stellar (XLM) mirrored IOTA’s momentum, climbing 40.13% in a single day to $0.081 with a market cap of $1.44 billion. The seven-day gain for Stellar stood at an impressive 114.96%. The payments-focused protocol, co-founded by Jed McCaleb of Ripple and Mt. Gox fame, was benefiting from growing interest in cross-border payment solutions.
Ethereum Classic’s Remarkable Run
Ethereum Classic (ETC), the original Ethereum chain that continued after the DAO hack fork, delivered a stunning 30.26% daily gain to trade at $33.98. Its seven-day performance was even more remarkable at 89.48%, pushing its market cap to $3.33 billion. The rally was partly attributed to growing speculation that ETC could benefit from increased institutional interest as platforms like Coinbase explored adding new assets.
The Established Altcoins Hold Steady
While the newer altcoins grabbed headlines with triple-digit percentage gains, the more established alternative cryptocurrencies also performed strongly. Bitcoin Cash (BCH) traded at $1,546.18 with a $26 billion market cap, though it saw a slight pullback of 5.03% on the day. Litecoin (LTC) gained 5.34% to reach $96.03, while Dash held relatively flat at $626.42.
XRP, the token associated with Ripple, climbed 17.75% to $0.299 with a market cap of $11.55 billion. Monero (XMR) added 17.30% to trade at $203.21, continuing privacy coins’ strong performance amid growing mainstream crypto adoption.
Market Structure and Volume
The altcoin rally was supported by enormous trading volumes across the ecosystem. Bitcoin’s 24-hour volume alone reached $6.35 billion on major exchanges, while Ethereum saw $1.35 billion in volume. Bitcoin Cash recorded $1.27 billion in daily trading, and even Ethereum Classic, a mid-cap asset, saw $1.64 billion change hands in 24 hours — actually exceeding Ethereum Classic’s own market capitalization.
The data painted a picture of a market in full speculative fervor. The total cryptocurrency market capitalization of approximately $316 billion represented a more than 2,174% increase from the start of the year, when the entire crypto ecosystem was valued at less than $18 billion.
The Mechanics of Altseason
What was happening on November 28 was a textbook example of what crypto traders would later call “altseason.” As Bitcoin reached new all-time highs, investors who had accumulated BTC at lower prices began taking profits and rotating those gains into alternative cryptocurrencies perceived as undervalued relative to Bitcoin’s run.
This dynamic created a cascading effect. As smaller cryptocurrencies began moving higher, they attracted attention from new market participants who may have felt they had “missed” Bitcoin’s rally but could still get in early on the next big thing. The result was explosive upward moves in assets with relatively small market caps and limited liquidity.
Why This Matters
The altcoin explosion of November 28, 2017 was a defining feature of that year’s crypto mania. It demonstrated both the tremendous wealth-creation potential and the extreme speculation inherent in nascent digital asset markets. While many of the altcoins that surged that day would go on to lose 90% or more of their value in the ensuing crypto winter, the event also highlighted the growing diversity and maturity of the blockchain ecosystem. Projects like Cardano, IOTA, and Stellar were building real technology — even if their valuations had temporarily disconnected from fundamentals. The lessons of this day would shape how investors evaluated altcoin markets for years to come.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry significant risk. Past performance is not indicative of future results. Always conduct your own research before making investment decisions.
Cardano 138% in one day with basically zero working product. Peak 2017 energy right there.
every single one of those altcoin pumps retraced 90%+ within 6 months. ADA didnt even come close to that 2017 ath until 2021
ADA didnt reclaim that 2017 high until late 2021 and even that was brief. the 4 year baghold was legendary
still know people who bought ADA at $1.20 in 2017 and refused to sell in 2021 because its going to $10. the sunk cost fallacy in crypto is brutal
138% on a whitepaper and a charles hoskinson tweet. 2017 was the most euphoric efficient market failure ive ever witnessed. nothing was real
Zara O. saying ADA 138% with zero working product and everyone still aped in. 2017 was pure momentum trading with no fundamentals required. the 90% retrace altseason_vet mentions was inevitable
ADA at $1.33 with a whitepaper and a dream. charles could just tweet and the market would move 20%. completely different era
IOTA gaining 40% and Stellar climbing 40% on BTC profit rotation. the total market cap hitting $316B felt insane at the time. that number seems quaint now but the euphoria was unmatched
IOTA gaining 40% while their coordinator node was still centralized was wild. everyone knew the tech was half baked but fomo trumped fundamentals for months
the coordinator being centralized was known since 2016 and people still bought. the fomo was stronger than any concern about a single point of failure controlling the entire network