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Bitcoin and altcoins see varied performance as traders pivot to smaller coins

Published Nov 14, 2023 05:54AM ET
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The cryptocurrency market has been displaying a diverse range of performances with Bitcoin and major altcoins experiencing resistance, while smaller-cap and meme coins have gained traction among traders. Bitcoin saw a decline of 3% dropping to $36,600, and Ethereum has been fluctuating between $2,000 and $2,136. This market behavior comes in the wake of BlackRock Inc (NYSE:BLK)'s filing for a spot Bitcoin exchange-traded fund (ETF), which has the crypto community speculating on the potential impact of such a product.

Despite significant liquidations among FTX assets, Solana has shown resilience after hitting a yearly high near $63. Today, it saw a decrease of 5% to $55 but still boasts an impressive 150% gain over the past month. This contrasts with the overall market where Bitcoin is expected to range from $34,000 to $38,000 in the upcoming two months according to Captain Faibik. This prediction suggests that altcoins might find room to grow, with Uniswap currently retesting a key resistance level and others like Filecoin, Polygon, Cosmos, VeChain, Litecoin, Dogecoin, Shiba Inu, and Floli also gaining attention.

The spotlight on spot exchange-traded funds for Bitcoin and Ether has not overshadowed the surge in meme coins' popularity. Their daily traded volume skyrocketed by 121%, reaching approximately $3.2 billion. Meanwhile, altcoins such as XRP and Solana have been capturing the interest of institutional investors. XRP notably increased by 11% following its announcement of new deals including the adoption of its CBDC platform by the Bank of Georgia.

Ethereum's price stands at $2,063 with a slight weekly increase of over 4%, even amid investors pulling out from Ethereum-based products after the launch of multiple futures ETFs. Despite these exits, Ethereum's potential remains bolstered by its staking features and growing volume in decentralized applications. Institutional investors are also showing a preference for Solana, which is echoed by Chainlink's recent inflows totaling $2 million.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Bitcoin and altcoins see varied performance as traders pivot to smaller coins
 

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