London, UK, 3rd Jan 2022, ZEXPRWIRE, Cryptocurrency markets are still feeling some friction from last month’s bearish trend. November ended with Bitcoin hitting a new all-time high of $68,789.63 on the 10th but it quickly lost over 3% to trade at $58 now – down more than ever before! It seems that despite reaching its peak market dominance yesterday at 44%, these prices don’t seem like they will be staying up for long because one day later (after an additional 1%) there was even less hesitation when investors sent cryptocurrencies tumbling lower again this time by 5%.
FinancialCentre broker Nick Johnson says cryptocurrencies continue their downward spiral. The cryptocurrency market capitalization lost 2% from October’s all-time high of $2 trillion, to end at a still impressive but less than before -$200 Billion dollars! As we can see with Bitcoin trading above an historic 2021 peak ($4k), most Altcoins were not so fortunate; they’ve experienced 33x worse losses during this month alone according the Coinmarketcap data (22%).
October was a meme-filled month for cryptocurrencies, with the top three coins being led by cryptocurrency’s favorite – Bitcoin. However, in November it wasn’t just those playing at home who got into crypto: notable prices increase was seen across play-to earn and metaverse tokens as well following Facebook’s name change to Meta representing their shift away from social media apps towards augmented reality (AR). One such example is Sandbox SAND token which hit an all-time high after news that Mark Zuckerberg had finally settled his lawsuit against Homer Simpson over ownership of CryptoKittiesy.
Bitcoin’s market dominance has seen a rebound in November as the altcoin markets have taken another beating. At the start of the month, Bitcoin’s market dominance was at 37%. This figure has gradually increased to 44% by the end of the month. The total cryptocurrency market cap has also gradually decreased from $220 billion to $200 billion.
The rebound in Bitcoin’s market dominance can be attributed to the fact that Bitcoin is seen as a more stable investment than most altcoins. Many altcoins are highly volatile, and their prices can change drastically within a short period of time. This makes them less desirable for investors who are looking for a stable investment. In contrast, Bitcoin is much more stable, and its price tends to fluctuate within a narrower range.
Bitcoin is not the only cryptocurrency that has seen a rebound in market dominance. Ethereum has also seen a rebound from its low of 10% to 15%. This can be attributed to the launch of the Ethereum 2.0 beta testnet. The Ethereum 2.0 beta testnet is a major upgrade for the Ethereum network and it is expected to increase the scalability of the network.
The altcoin markets are expected to rebound in December as more investors enter the market. Many altcoins are undervalued at current prices and offer good investment opportunities. The altcoin markets are also expected to benefit from the launch of several new products and services in December. These products and services include Bakkt, Bitcoin futures, and the Ethereum 2.0 release date.
Cryptocurrencies to look out for:
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The first Avalanche blockchain to be launched was the c2c blockchain, which is a decentralized social marketplace that allows users to buy and sell anything without middlemen. The first time any value has been exchanged on the platform was December 20th when @Soccerrock sold their island for 52k worth of AVAX!
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Bitcoin’s price has been on a rollercoaster this week after reaching new highs at the beginning of November. After seeing its market capitalization trade over $1 trillion for first time ever, Bitcoin fell down to 7th place as Elon Musk’s Tesla overtook according to Asset Dash due sell-off in crypto markets following some news about malware that affected several exchanges including Bitfinex and Coinbase Pro which caused them to stop accepting deposits from clients while they were working out solutions. However, as you can see below exchange flow turned positive again meaning investors are now selling their coins rather than buying them and this pump is likely to stop soon.
Disclaimer: Our content is intended to be used for informational purposes only. It is very important to do your own research before making any investment based on your own personal circumstances. You should take independent financial advice from a professional in connection with, or independently research and verify, any information that you find on this article and wish to rely upon, whether for the purpose of making an investment decision or otherwise.