- November 26, 2024
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
The post Bitcoin’s Dip Fuels Altcoin Surge: Ethereum, SAND, and XLM Hit New Highs appeared first on Coinpedia Fintech News
On November 22, the Bitcoin market was at an all-time high of $98,975.79. Since then, the Bitcoin price has sharply dropped by around 6.16%. Interestingly, during the same period, certain Altcoins, including Ethereum, Sand and XLM, have witnessed growth. Importantly, the Altcoin market cap has slightly climbed by 2.38% during this period. It is clear that some altcoin have benefited from the latest drop of Bitcoin. Important it is to study this trend. Ready? Let’s dive in!
Bitcoin Price Decline: An Overview
In the last 24 hours, the BTC market has dropped by more than 5.9%. Yesterday, the BTC price declined by at least 5.07% – the highest single day correction the market has witnessed since November 5. Since the US presidential election, Bitcoin has grown by more than 37.04%. Many experts predicted that BTC would touch the milestone of $100K soon. However, the new trend indicates that the market may have to wait longer to reach the milestone.
Altcoin Market Growth: What You Should Know
At the start of November 22, the total market cap of the Altcoin market was nearly $1.26T. As mentioned earlier, the Altcoin market has surged by over 2.38% since then. Clearly, some Altcoins have benefited from the fall of Bitcoin. Between November 21 and November 25, the dominance of Bitcoin has plummeted from 61.14% to 58.54%. Right now, the Bitcoin dominance stands at just 58.80% – far lower than the November 20 peak of 61.18%.
Ethereum’s Favourable Outlook
In the last seven days, the Ethereum market has seen a growth of 8.3% – far better than BTC’s 7-day growth of 1.6%. On November 22, the ETH price was at $3,327.90. Since then, it has climbed around 1.19%. Last day, contrary to the BTC price action, the Ethereum price marked a surge of 1.6%. In the last 30 days, the Ethereum price has witnessed an impressive change of +36.5%. Many experts believe that Ethereum would outperform other large cap cryptos in the future.
Sandbox Gains Traction
Until the beginning of the latest crypto bull run, metaverse-related tokens were relatively unpopular. However, in the last 30 days, SAND, a prominent metaverse related token, has displayed an astounding growth of 147.5%, indicating that the metaverse market has regained attention within the crypto community.
On November 5, the SAND price was at $0.2261. Since then, it has raised nearly 177.79%. On November 24, with a massive single-day growth of 76.33%, it touched a peak of $0.7711 – around 2.64% lower than the yearly peak of $0.7915 recorded on March 11, 2024.
Stellar Draws Korean Interest
Reports suggest that certain political developments in Korea have increased investor interest in Steller. Right now, XLM is the talk of the town for many reasons, including its massive price surge. In the last seven days alone, the XLM price has surged over 101.3%. In the last 14 days, it has seen an enviable growth of 275.5%. At the start of November 5, the XLM market stood at $0.0895. Since then, it has recorded a tremendous increase of 408.26%. Between November 22 and 23 alone, it grew by over 98.59%.
In conclusion, while Bitcoin’s price falters, altcoins like Etheruem, Sandbox and Stellar shine.
FAQs
The market decline is attributed to upcoming Bitcoin and Ethereum option expiries, widespread liquidations, and institutional sentiment reflected in ETF outflows.
The Fear & Greed Index is at 82, indicating Extreme Greed, even amidst the market’s volatility.
