Bitcoin stays below $35K; altcoins take the lead
By Laxmikant Khanvilkar
Leading virtual digital assets (VDAs), maintained soft tone during Tuesday’s early trade while altcoins took the lead as investors preferred buying these tokens due to the favourable change in fundamental.
Price of Bitcoin (BTC) continue to consolidate below $35,000 level. The largest cryptocurrency by market capitalisation, is currently charging hands at $4,903.19 down 0.49%. On the other hand, Ethereum (ETH), the second largest crypto in market value, eased 0.35% at $1,889.01.
Large-cap alternative coins also known as altcoins are seen gaining 5-10% in what it seems as a broadening crypto rally.
Last week, Ripple received a boost from the Georgia and Dubai regulatory authorities to operate in these two countries. Consequently, Ripple’s native token XRP surged nearly 10%. It displaced Binance’s BNB as the fourth-largest crypto by market capitalization.
Other large-cap digital assets such as native tokens of layer 1 networks Cardano (ADA) and Avalanche (AVAX), popular meme token dogecoin (DOGE), oracle network Chainlink’s token (LINK) and decentralized exchange UniSwap’s token (UNI) rose 5%-6% over the past 24 hours.
Non-fungible token (NFT) marketplace Blur’s token (BLUR) added 32% today to its gains, more than doubling in price in a month as the platform prepares to distribute 300 million tokens in an airdrop to users on November 20.
Overall impact, the global crypto market cap increased 1.03% to $1.33 tn, over the last 24-hours. Simultaneously, the total crypto market volume increased 3.6% to $39.5 bn. The total volume in DeFi is currently $4.58 bn and all stablecoins $34.7 bn, representing 11.59% and 87.84% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 51.36%, down 0.46% over the day.
IC15 index, the barometer of top fifteen tokens, rose 0.6% to 44,226.28.
Meanwhile, there’s a good news for FTX investors. Proof Group, part of the Fahrenheit consortium that successfully bid for bankrupt cryptocurrency lender Celsius, is in the running to relaunch FTX, reports Coindesk that cited unknown sources. Other options being considered include selling the entire exchange and its valuable 9 million-strong customer list or bringing in a partner. A decision should be made by mid-December.
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