Stellar Run: XLM, IOTA, ADA Spike in Good Week for Altcoins

Alternative cryptocurrencies shone bright this week, as the wider cryptocurrency market saw continued resurgence.

The total market capitalization of all cryptocurrencies rose 25 percent week-on-week to $375 billion, according to CoinMarketCap - that's up from below $250 billion just 10 days ago.

With 5.4 percent appreciation over the last seven days, ranks only third from last in the list of the biggest gainers among the top 25 cryptocurrencies by market cap this week.

The bitcoin dominance rate fell from 42.8 to 38.5 percent, indicating a drop in the percent of the total cryptocurrency market capitalization contributed by bitcoin and, conversely, growing investor interest in altcoins.

The cryptocurrency looks set to test resistance at $2.30, albeit after a healthy pullback, as the 14-day RSI shows overbought conditions.

Cardano's impressive rally could be associated with a listing on the Houbi cryptocurrency exchange and the addition of new ADA pairs on Binance.

The cryptocurrency crossed the key resistance of $0.2543 in a convincing manner on April 16 and has hit a high of $0.2928 - a level last seen on March 6.

The developers had hyped the situation ahead of the official announcement, by describing the mystery partnership as the biggest cryptocurrency collaboration to ever hit the market.

The cryptocurrency is reporting losses on a weekly basis, despite Binance completing its "Coin burn" - a process similar to share buyback, aimed at a reducing the circulation in the market and boosting demand.

CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.