Bitcoin price rebounded to intraday highs of $57,845 on Nov. 23 as large-volume investors on exchanges seemed to bet on and hasten fresh gains. As indicated by on-chain analytics firm, Santiment, Bitcoin’s large holder addresses between 100 to 10k BTC accumulated nearly 40k more BTC on last week’s dip to $56k.
The second-largest cryptocurrency Ethereum (ETH), has risen more than 8% in the last 24 hours to mark intraday highs of $4,389, outperforming Bitcoin’s near 3% increase.
The majority of Altcoin tokens are rebounding likewise, some even notching double-digit gains. At the time of writing, Crypto.com coin (CRO, +21.28%), Polygon (MATIC, +11.67%), Fantom (FTM, +20.90%), Harmony (ONE, +18.57%), Enjin Coin (ENJ, +12.72%), Amp (AMP, +44.56%), Audius (AUDIO, +39.59%), My NeighbourAlice (ALICE, +30.22%), Loopring (LRC, +30.22%) and a handful of others posting significant gains.
Audius rallied nearly 50% to highs above $3 following the news of its launch of an NFT Embed Tool for Twitter, Discord. The new “embedded” functionality aims to improve fan engagement for musicians through NFT adoption and Web 3.0 integrations. Audius users will now be able to showcase their Ethereum and Solana NFTs on Twitter, Discord, and other websites.
AMP is the native collateral token in the Flexa payment network. Flexa is a cryptocurrency payment network that makes it easier for merchants to accept crypto payments. Amp rose nearly 60% to highs of $0.078 following the news of its listing on Binance.
”Binance will list Amp (AMP) and PlayDapp (PLA) and will open trading for AMP/BTC, AMP/BNB, AMP/BUSD, AMP/USDT, PLA/BTC, PLA/BNB, PLA/BUSD, and PLA/USDT trading pairs at 2021-11-23 06:00 (UTC)”
Loopring’s near 40% surge to highs of $3.47 on Nov. 23 coincides with a surge in its trading volume as investors seek cheaper alternatives to Ethereum’s rising gas fee. The network announced today a trading volume of over $3 billion on the Loopring L2 network with no gas fees.
My NeighbourAlice (ALICE) has seen an uptick in value since Nov. 20 after sharing the news of its collaboration with Chromia and Mines Of Dalarnia to support an $80m Metaverse Grant Program that will promote the most promising ideas to expand the Metaverse of MNA and the Chromia ecosystem.
Bitcoin saw volatility surges on Tuesday in what would correlate with sudden large-volume actions on exchanges. For the recent rebound to hold water, Bitcoin must squash and flip the $60k level into support. The Bitcoin dominance ratio or the measure of Bitcoin’s market capitalization relative to the total crypto market has subsequently dropped to 41.9%.
The decline in the dominance ratio was due to the recent outperformance of several Altcoins, especially gaming and metaverse related tokens. Also, the strength seen in most Altcoins today arose from Ethereum gaining nearly 6% in its Bitcoin pairing. The ETH/BTC pair picked up pace leading to a general surge in Altcoin prices.
Similar to February-March 2018, traders are returning to buy the dip in Altcoins, leading some analysts to expect Altcoins to take the lead in the near term. A trader with the pseudonym, Smart Contracter sees the Ethereum against Bitcoin (ETH/BTC) chart coiling and gearing up to break out from a massive bull pennant formation.
“This ETH/BTC consolidation has 2017 ETH/USD vibes all over it.”
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