Bitcoin Price Decline: An Overview
In the past 24 hours, Bitcoin’s market experienced a sharp decline of over 5.9%. The price dropped by 5.07% on a single day, marking the highest correction the market has seen since November 5. Despite its recent downturn, Bitcoin has grown by more than 37.04% since the US presidential election, with many experts previously predicting the cryptocurrency would soon hit the $100,000 milestone. However, current trends suggest that Bitcoin may take longer to reach this coveted price point.
Altcoin Market Growth: What You Should Know
As Bitcoin faced a decline, the altcoin market has shown resilience and growth. On November 22, the total market capitalization of altcoins was around $1.26 trillion. Since then, the altcoin market has experienced a 2.38% increase, reflecting how certain altcoins are capitalizing on Bitcoin’s setback. During the same period, Bitcoin’s dominance in the market dropped from 61.14% to 58.54%, signaling that altcoins are beginning to gain more traction.
Key Altcoin Market Metrics:
- Bitcoin’s dominance dropped from 61.14% to 58.54% between November 21 and November 25.
- Altcoin market cap grew by 2.38%, highlighting the increasing influence of altcoins in the crypto space.
Ethereum Leads the Way
Ethereum (ETH) has been one of the standout performers in the altcoin market. Over the past week, Ethereum has grown by 8.3%, outperforming Bitcoin, which saw a 1.6% increase during the same period. On November 22, Ethereum was priced at $3,327.90, and since then, it has risen by 1.19%. Just yesterday, Ethereum posted a 1.6% increase, showing continued strong momentum.
Ethereum’s Growth at a Glance:
- Ethereum has grown by 36.5% in the last 30 days.
- Ethereum outperformed Bitcoin, which only grew by 1.6% during the past week.
- Experts predict continued strong performance for Ethereum in the future.
Sandbox Gains Traction
Once a niche sector, the metaverse-related tokens are now drawing significant attention. Sandbox (SAND), a popular token within the metaverse space, has surged by 147.5% in the last 30 days. On November 5, SAND was priced at $0.2261, and since then, it has skyrocketed by nearly 177.79%. On November 24, it reached a peak of $0.7711, marking a 76.33% increase in just one day. Currently, SAND is only 2.64% below its yearly high of $0.7915, recorded on March 11, 2024.
Sandbox (SAND) Price Surge:
- SAND has surged by 147.5% in the last 30 days.
- On November 24, SAND saw a 76.33% increase in a single day.
- Current price is just 2.64% below its yearly high of $0.7915.
Stellar Draws Korean Interest
Stellar (XLM) has also gained significant attention, particularly in response to political developments in South Korea. Over the past week, XLM’s price surged by over 101.3%, and in the last 14 days, it has grown by an impressive 275.5%. On November 5, XLM was priced at $0.0895, and since then, it has increased by an incredible 408.26%. Between November 22 and November 23 alone, XLM jumped by 98.59%, highlighting its rapid growth.
Stellar (XLM) Growth Highlights:
- XLM has surged by over 275.5% in the last 14 days.
- In just one week, XLM’s price increased by 101.3%.
- Political events in South Korea have sparked renewed investor interest in XLM.
Conclusion: A Major Shift in the Market?
While Bitcoin’s price has experienced a setback, several altcoins, including Ethereum, Sandbox, and Stellar, are showing impressive performance. This shift in the market may signal that investors are diversifying their portfolios and looking beyond Bitcoin for opportunities in the altcoin space. As Ethereum continues to lead, and metaverse and Stellar tokens gain traction, the future of the cryptocurrency market could see more competition for Bitcoin’s dominance.
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