crypto for all
Join
A
A

NFTs In Frenzy, Bitcoin Stagnates: The Big Upheaval Of Altcoins

Fri 29 Nov 2024 ▪ 3 min read ▪ by Fenelon L.
Getting informed Event

In a context of increased volatility in the crypto market, Bitcoin is experiencing a phase of consolidation after nearly reaching $100,000. Meanwhile, the stablecoin sector is hitting historical highs, and the NFT market is seeing a spectacular resurgence.

bitcoin vs NFT

BTC in a phase of consolidation after a new record

All eyes are on the Bitcoin that is taking a pause after nearly reaching $100,000 last week on major exchange platforms. The flagship crypto asset has pulled back to around $91,000, recording a 9% correction that remains moderate considering its meteoric rise since the beginning of the year.

This consolidation occurs as American markets slow down for Thanksgiving celebrations, a period traditionally marked by a decrease in volatility. James Toledano, operations director at Unity Wallet, views it mainly as technical profit-taking, reminding us that “significant corrections often follow periods of exponential gains.”

Despite this pullback, fundamentals remain strong with growing institutional interest and favorable regulatory developments, particularly the recent pro-crypto positions from the U.S. Treasury. Google searches related to Bitcoin have reached new highs post-elections, reflecting a resurgence of public interest.

The crypto ecosystem flourishes beyond Bitcoin

The NFT market is experiencing a remarkable renaissance with an average 28% increase in the floor price of the top 100 collections since early November. Some collections have even recorded spectacular gains of up to 146%, according to data from Drunken Monkey Members Club.

In the stablecoin sector, total capitalization reached a new record of $190 billion in November, surpassing the previous highs before the collapse of TerraUSD. Tether (USDT) still dominates the market with a market cap of $135 billion, while USD Coin (USDC) has risen by 11% to reach $38 billion.

Altcoins are not left behind, with Solana (SOL) hitting a new record at $264, driven by massive adoption with 6.2 million daily active addresses. This market diversification, coupled with the emergence of new protocols like Sui, suggests a gradual maturation of the crypto ecosystem, well beyond just Bitcoin.

In conclusion, while Bitcoin catches its breath after its vertiginous ascent, the crypto ecosystem as a whole demonstrates remarkable vitality. This market phase reflects an industry in full maturation, where technological innovation and institutional adoption come together to shape the future of digital finance.

Maximize your Cointribune experience with our "Read to Earn" program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.



Join the program
A
A
Fenelon L. avatar
Fenelon L.

Passionné par le Bitcoin, j'aime explorer les méandres de la blockchain et des cryptos et je partage mes découvertes avec la communauté. Mon rêve est de vivre dans un monde où la vie privée et la liberté financière sont garanties pour tous, et je crois fermement que Bitcoin est l'outil qui peut rendre cela possible.

DISCLAIMER

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.