Other altcoins that are in high demand and, therefore, also benefit from significant liquidations are Dogecoin, XRP, and Stellar, with $34.20 million, $30.27 million, and $18.95 million being wiped out accordingly.
New and hitherto wild fluctuations also accompany the era of bitcoin actualization. The market, where altcoins like XLM soared by 50% on November 23-24 before the major collapse. Besides, Ethernet struck its top price in May 2021, corresponding to the previous peak in which it participated last.
In a recent interview, an analyst, Madire Deutscher, told us that most of the traders from the previous market cycle are starting to return and buy those tokens known to them again. Others see this situation as a moment when utility tokens are sold at bargain prices.
Bitcoin Nears $98K Amid Gains Today
Bitcoin istradedg at the price of $97,790. It has reached a little less than the record-setting high of $99,645. However, despite the slight increase of 0.5%, Bitcoin has gained 44% since November. The current Bitcoin percentage in the total market cap. The cryptocurrency is 56.2%. Hence, the market is valued at $3.46 trillion.
However, This significant slump happened after many coins, including XLM, showed remarkable rallies and one oose by 50% on November 23-24. In the meantime, Dogecoin reached its record level in May 2021 and consequently had its highest price since its peak.
Traders Return as Bitcoin Hits $98K
Industry expert Miles Deutscher says that many traders in the previous market cycle are coming back and devoting their funds to well-known tokens, which is a clear indicator. Some other investors present this project as a potential chance, particularly if stuff like utility tokens are probably being traded at a value rampant with depreciation.
Bitcoin is now valued at $97,790, a little lower than the recent all-time high of $99,645. Despite the decline, Bitcoin had its highest growth of nearly 44% in November. Bitcoin now occupies 56.2% of the overall cryptocurrency market, which is $3.46 trillion.
In Summary
Bitcoin is now close to its all-time high of $99,645, with a 44% surge in November trading at $97,790. Bitcoin remained the market leader, dominating 56.2% of the $3.46 trillion cryptocurrency market. On the other hand, altcoins like Dogecoin, XRP, and Stellar were hit hard with liquidations. Although XLM rose by 50%, it eventually had a major price decrease. According to experts, trends such as returning traders and bargain buys in utility tokens are the main drivers behind these factors.
FAQs
What percentage of the market does Bitcoin dominate?
Bitcoin holds 56.2% of the $3.46 trillion cryptocurrency market.
Which altcoins faced significant liquidations?
Dogecoin, XRP, and Stellar experienced liquidations of $34.20M, $30.27M, and $18.95M, respectively.
Why are utility tokens attracting traders?
Experts believe utility tokens are seen as bargains, attracting returning traders.
What caused recent market fluctuations?
Altcoins like XLM soared by 50% before major corrections, adding to market volatility.
