Metaverse Up, Memecoins Down: Bitcoin Consolidation Continues (Market Watch)

2021-11-25 17:5379366

Source: CryptoPotato

After another volatile 24 hours in which BTC went from $56,000 to above $58,000, the cryptocurrency has stalled again around $57,500. Most larger-cap altcoins are slightly in the red, while gaming tokens, such as MANA and SAND, have produced significant gains.

Bitcoin Fails at $58K

It was just a few days ago, during the weekend, when the price of the primary cryptocurrency took a swing at $60,000 but to no avail.

The subsequent rejection drove it south hard. In a few hours, BTC saw itself trading below $56,000 for the second time in less than a week. This came after several highly volatile moves.

The bulls tried to step up and pushed bitcoin upwards, which culminated in a daily high of $58,400 (on Bitstamp) charted yesterday.

However, BTC failed to stand above that level and has lost roughly one grand since then. It trades around $57,500 now, and its market capitalization is down below $1.1 trillion once again.

Metaverse Up, Memecoins Down: Bitcoin Consolidation Continues (Market Watch) BTCUSD. Source: TradingView Metaverse Tokens Go Up: Meme Coins Down

CryptoPotato reported yesterday on the rapidly changing trends in the cryptocurrency space. Memecoins, such as Dogecoin and Shiba Inu, were the most significant and engaging tokens in the past few months. Now, though, they are on a downfall in terms of price and user demand.

In the past 24 hours, DOGE has lost 4% of value and is close to breaking below $0.2, while SHIB is beneath $0.00004. Moreover, the latter is more than 50% down since its peak less than a month ago.

In contrast, a new mania seems to be emerging – metaverse coins. As reported earlier, representatives, such as Decentraland and the Sandbox, have skyrocketed lately, with new all-time highs charted frequently. MANA is up by 25% in the past 24 hours, while SAND is up by 14%.

From the larger-cap alts, Binance Coin has increased by roughly 4% to above $610. Avalanche and CRO have also marked minor gains.

In contrast, Ethereum, Cardano, Ripple, Polkadot, and Terra are in the red, while Solana has dumped by 7% to just over $200.

Metaverse Up, Memecoins Down: Bitcoin Consolidation Continues (Market Watch) Cryptocurrency Market Overview. Source: Quantify Crypto
Likes 0
Favorite
Declaration: This article is published with the authorization. And it can't represent FTFTX's standpoint. Please note the source of article if it is reprinted: www.ftftx.com
All Comments(4)
Publish

Bertha Greenhough

Bertha Greenhough

It's okay

11-25 17:58

Lobby Lobster

Lobby Lobster

It looks like an opportunity is here, wait for the callback to come in later

11-25 17:57

Mad Banana

Mad Banana

Continuous innovation

11-25 17:57

CryptoDad

CryptoDad

Look to the future

11-25 17:56
No More
Hot

BRD Wallet and Unbound Security — Coinbase Acquires 2 Companies in Less Than a Week

1BRD Wallet and Unbound Security — Coinbase Acquires 2 Companies in Less Than a Week

The publicly-listed crypto-asset exchange Coinbase has announced the company has acquired the Israeli firm Unbound Security. The announcement follows Coinbase acquiring the cryptocurrency wallet BRD last week and the Unbound acquisition is aimed at the company’s “commitment to providing the safest, most secure, and most trusted venue for anyone to interact with the [crypto economy].” What do you think about Coinbase acquiring Unbound Security and the acquisition of BRD last week? Let us know what you think about this subject in the comments section below. Disclaimer

2021-12-01 13:35 | Bitcoin.com52795

Fidelity Launches a Spot Bitcoin ETF in Canada

2021-12-01 15:28 | CryptoPotato19355

FTFTX APP DownloadUse
iOS 9.0 and above
Android 4.3 and above

Feedback
Back