As a seasoned analyst with over two decades of experience in the financial markets, I have seen countless market cycles and fluctuations. The recent 3.6% dip in the crypto markets may seem concerning at first glance, but it’s important to remember that volatility is inherent in this space.
As I analyze the current state of the crypto market, I’ve observed a slight dip today, with a decrease of approximately 3.6%. At the moment of my report, the total market capitalization stands at a staggering $3.41 trillion.
However, its drop can primarily be attributed to a 7% decline in Bitcoin‘s value, which fell below $93,000 during the initial Asian market hours on Tuesday.
Recently, Altcoins have shown a surge in performance, and according to an on-chain analysis platform called Santiment, certain altcoins have stood out as top performers.
On November 26th, it was noted that traders continue to invest in popular alternative cryptocurrencies while sharing insights about hidden prospects these currencies present.
Three Altcoins to Watch
According to Santiment’s analysis, here are three cryptocurrencies that have been performing exceptionally well lately:
This implies a trend moving towards “GameFi and metaverse ventures,” they noted. In the last two weeks, SAND has more than doubled, reaching an eight-month peak of approximately $0.80 on November 25th. However, it has since experienced a significant decline, dropping to $0.66 at the current moment.
Over just the past two weeks, Stellar Lumens (XLM) experienced a massive increase of approximately 330%, reaching an impressive high of $0.588 on November 25th – marking its highest price point since May 2021. As I write this, the asset has slightly dipped and is now hovering around $0.50.
According to Santiment, there’s been growing curiosity among Korean investors in XLM due to recent political developments, which underscores the coin’s popularity among cryptocurrency investors.
Despite Bitcoin falling to around $93K on Monday, traders continue to explore the high-temperature altcoins and share insights about hidden prospects that are generating buzz in the cryptocurrency market.
Regarding the digital world $SAND, there’s been a significant upswing in investments focusing on metaverses, along with an increasing trend…
— Santiment (@santimentfeed) November 26, 2024
Santiment pointed out the discussion surrounding Ethereum‘s price trends compared to other digital currencies such as Bitcoin and Ripple (XRP).
Users seem to be optimistic that Ethereum could surpass other major cryptocurrencies in terms of performance.
Over the last seven days, ETH has increased by over 9% and is currently maintaining its growth, trading near $3,430. In comparison, other cryptocurrencies are experiencing corrections. Despite this, Ethereum critics, often referred to as Bitcoin maximalists, continue to spread FUD (Fear, Uncertainty, Doubt) memes about Ethereum. However, seasoned analysts remain optimistic about its prospects during this cycle.
#Ethereum is just getting started and it will not stop until it reaches 5 figures
— Yoddha (@CryptoYoddha) November 25, 2024
Altseason Yet?
It seems that Bitcoin’s influence (its dominance) remains at about 58.6%. This suggests that the period of increased activity for alternative cryptocurrencies (altseason) may not have arrived just yet. If Bitcoin’s dominance falls below 50%, it would indicate a shift in trend, and analysts are optimistic that such a change could occur soon, leading to more movement among altcoins.
Currently, many alternative cryptocurrencies are experiencing a dip, except for Toncoin (TON), Uniswap (UNI), The Internet Computer (ICP), Ethereum Classic (ETC), and Bittensor (TAO). These five coins are the ones showing positive gains today.
Santiment additionally focused on altcoins that showed a significant increase in social media activity within the past 24 hours. These coins were Pleasure Token, Tornado, and Axie Infinity.
The Biggest Altseason Is Coming
That’s it
That’s the tweet.
— Elja (@Eljaboom) November 25, 2024
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2024-11-26 13:17