tl;dr
The crypto markets have experienced a 3.6% retreat, with total capitalization falling to $3.41 trillion, largely due to Bitcoin's 7% correction. Altcoins, such as The Sandbox (SAND) and Stellar Lumens (XLM), have seen notable performance, with SAND doubling over the past fortnight and XLM surging by...
The crypto markets have experienced a 3.6% retreat, with total capitalization falling to $3.41 trillion, largely due to Bitcoin's 7% correction. Altcoins, such as The Sandbox (SAND) and Stellar Lumens (XLM), have seen notable performance, with SAND doubling over the past fortnight and XLM surging by 330%. Ethereum's price performance has been discussed in contrast to other cryptocurrencies, with bullish sentiments expressed about its potential to outperform. Bitcoin dominance remains at 58.6%, signaling that altseason may not have arrived yet. However, analysts are confident that a reversal in the trend is imminent. Despite most altcoins pulling back, Ethereum and a few others are holding gains. Santiment has also identified altcoins with the highest 24-hour rises in social volume, including Pleasure Token, Tornado, and Axie Infinity.
The crypto markets have retreated by 3.6% on the day, with total capitalization falling to $3.41 trillion at the time of writing. But that is largely due to Bitcoin’s 7% correction, as it dipped below $93,000 in early trading in Asia on Tuesday. Altcoins have been buoyant recently, and on-chain analytics platform Santiment has highlighted the better performers.
Santiment highlighted three crypto assets that have outperformed recently. The Sandbox (SAND) has pumped amid a notable resurgence in metaverse-related investments and growing confidence among investors. SAND has more than doubled over the past fortnight, spiking to an eight-month high of just over $0.80 on Nov. 25. However, it has begun to fall back sharply since then, dropping to $0.66 at the time of writing. Stellar Lumens (XLM) has surged a whopping 330% over the past fortnight to peak at $0.588 on Nov. 25, its highest price since May 2021. The asset has retreated to around $0.50 at the time of writing.
Santiment also mentioned Ethereum’s price performance, which is “being discussed in contrast to other cryptocurrencies like Bitcoin and XRP.” “Users are expressing bullish sentiments about Ethereum’s potential to outperform other large caps,” ETH is up more than 9% over the past week and is holding its gains at the moment, trading around $3,430, while those around it are correcting. Despite Bitcoin maxis continuing to spread Ethereum FUD memes, serious analysts are seeing its potential this cycle.
With Bitcoin dominance still at 58.6%, it is unlikely that altseason is upon us just yet. A fall below 50% will signify that the trend has reversed, and altcoins will start to move, and analysts are confident that this is around the corner. Most altcoins are pulling back at the moment, and aside from ETH, only Toncoin (TON), Uniswap (UNI), Internet Computer (ICP), Ethereum Classic (ETC), and Bittensor (TAO) are in the green today. Santiment also eyed altcoins with the highest 24-hour rises in social volume, which included Pleasure Token, Tornado, and Axie Infinity.
The Biggest Altseason Is Coming. That’s it. That’s the tweet.
About the Author: Martin J. Young has been covering developments in the blockchain and cryptocurrency industry since 2017.