Altcoins on 1st December 2021 — WAX (WAXP) down, Stacks (STX) up!
Today is Wednesday, 1st December, and this is Cointribune’s Crypto analytics. You will learn about everything that’s been going on in the market, as well as what to expect next in our new article! Make sure to have a look at the previous instalment. Off we go!
Fear and greed index
The market is full of fear. Bitcoin (BTC) has attempted to climb above the $60,000 milestone yet failed, which is quite negative for the current situation and could subsequently lead to a tangible dump.
Since the fear and greed index is close to extreme fear, there is still a possibility that BTC will make another attempt to storm the $60,000 line. This will happen either tomorrow, when following today’s presumptive collapse the indicator will fully enter the extreme fear zone, or today.
TOP 10 Altcoins
The top alternative cryptocurrencies have finally woken up and started to move. Ethereum (ETH), Solana (SOL), Avalanche (AVAX) and Polkadot (DOT) stand out in particular.
The odds are that altcoins will bite off a large portion of the market cap, putting BTC on the back-burner and leading us to a true altcoin season. However, if Bitcoin starts to drop steadily, then altcoins will lose their enthusiasm very quickly, prompting more and more sales.
Stacks has become the gainer of the day, having surged by more than 30%.
WAX has become today’s loser following a drop of nearly 7%.
The Bitcoin Dominance Index now stands at 40.9% and continues to fall. Meanwhile, Ethereum accounts for 21.3% of the crypto market cap. The other 37.8% correspond to the rest of the alternative cryptocurrencies. ETH’s market share starts to grow, which should trigger other altcoins’ increased activity. In this case, they are likely to catch up with the BTC growth rate and provoke a true altseason.
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Le trading et l'analyse technique sont mes spécialités depuis 4 ans. Je décortique le marché et vous partage mon expertise.
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.