The cryptocurrency market on December 4, 2017, is witnessing an extraordinary altcoin rally that is drawing attention away from Bitcoin itself. While Bitcoin continues its march above $11,600, the real story of the day is the explosive growth of several alternative cryptocurrencies, with IOTA and Cardano leading the charge.
TL;DR
- IOTA surged 158.46% in just seven days, reaching $2.7645 with a $7.68 billion market cap
- Cardano (ADA) rocketed 173.31% over the same period to $0.1359
- Bitcoin traded at $11,657, up 19.65% for the week
- Litecoin gained 13.09% to $104.24, while EOS climbed 40.65% to $4.03
- Total crypto market capitalization continued expanding as retail investors flooded in
IOTA’s Meteoric Rise
IOTA, the cryptocurrency designed for the Internet of Things, has been on an absolute tear. Over the past seven days, the token has surged an astonishing 158.46%, bringing its price to $2.7645 and its market capitalization to $7.68 billion. In the last 24 hours alone, IOTA gained another 44.69%, making it one of the top-performing cryptocurrencies on the market.
The rally has propelled IOTA into the number five spot by market cap, overtaking established projects like Dash, Litecoin, and Monero. Its 24-hour trading volume exceeded $1.09 billion, signaling massive interest from both retail and institutional participants.
The IOTA Foundation has been making strategic partnerships throughout late 2017, including collaborations with major corporations in the automotive and technology sectors. These real-world utility claims have resonated with investors who are looking beyond Bitcoin for the next big opportunity in the crypto space.
Cardano Enters the Top 10
Cardano (ADA) is another altcoin that has captured the imagination of crypto investors. The token surged 173.31% over the past week to reach $0.1359, with a market cap of $3.52 billion. In the last 24 hours, Cardano added another 4.02% to its value, with $76.39 million in daily trading volume.
Cardano’s rise is particularly notable because the project, led by Ethereum co-founder Charles Hoskinson, was still relatively new at this point. Its scientific, peer-reviewed approach to blockchain development has attracted a growing community of supporters who believe the platform represents the next generation of blockchain technology.
A Broader Altcoin Frenzy
The altcoin surge extends well beyond IOTA and Cardano. Stellar (XLM) gained 74.04% over the past seven days to reach $0.09761. EOS climbed 40.65% to $4.03. Even smaller projects like OmiseGO (OMG) posted double-digit weekly gains of 12.75%, trading at $10.51.
Meanwhile, some of the more established altcoins saw more modest movements. Ethereum, the second-largest cryptocurrency by market cap, traded at $470.20, essentially flat for the week with a slight decline of 1.89%. Bitcoin Cash held steady at $1,576.92, down 3.09% for the week as capital rotated into newer, smaller projects.
Bitcoin Still Dominates the Headlines
Despite the altcoin frenzy, Bitcoin remains the dominant force in the market. Trading at $11,657 with a market cap of $194.9 billion, Bitcoin gained 19.65% over the past week. Its 24-hour trading volume of $6.13 billion dwarfs that of any other cryptocurrency.
The mainstream media has been captivated by Bitcoin’s ten-fold increase since the beginning of the year, when it was trading at just $960.79. Washington Post ran a feature on December 4 describing Bitcoin as “going mainstream,” while Forbes published an analysis exploring whether the rally could reverse dramatically.
Litecoin and Dash Show Strength
Among the older generation of altcoins, Litecoin and Dash have both posted impressive weekly gains. Litecoin rose 13.09% to $104.24, while Dash gained 22.73% to trade at $774.01. Monero also performed well, climbing 21.43% to $210.24 over the seven-day period.
These gains suggest that the current rally is not limited to any single sector of the crypto market. From privacy coins to smart contract platforms to IoT-focused tokens, virtually every category of cryptocurrency is experiencing significant upward momentum.
Why This Matters
The altcoin surge of December 4, 2017 represents a pivotal moment in cryptocurrency history. For the first time, the market is demonstrating that investor interest extends well beyond Bitcoin. Projects like IOTA and Cardano are proving that there is appetite for fundamentally different approaches to blockchain technology — from feeless, tangle-based architectures to scientifically rigorous smart contract platforms.
However, the speed and magnitude of these gains should also give investors pause. Weekly gains of 158% and 173% are not sustainable, and history suggests that sharp corrections often follow such explosive rallies. The crypto market of late 2017 is being driven largely by retail enthusiasm and FOMO, and prudent investors would do well to maintain a long-term perspective rather than chasing short-term gains.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are highly volatile and carry significant risk. Always do your own research before making any investment decisions.