Bitcoin marked fresh all-time highs of $69,000 on Nov. 10 after a report showed higher-than-expected inflation in October. Shortly after achieving these astronomical new heights, Bitcoin’s price fell back to lows of $62,800 before recovering to around $65,300 where it presently consolidates.
Conflicting news about whether Chinese property giant Evergrande had defaulted on its overdue loan payments emerged just before Bitcoin’s recent price crash. Also in the news is that of Tesla CEO Elon Musk offloading more than one billion dollars worth of shares. Recent financial filings submitted on Nov. 11 to the Securities and Exchange Commission confirm the sale of more than 934,000 Tesla shares worth around $1.1 billion.
As is often the case when Bitcoin has pullbacks during a bull market, some of the outflows find their way into the Altcoin market. At the time of press, Mina (MINA, +41.88%), Cartesi (CTSI, +82.06%), Flux (FLUX, +39.74%), Mask Network (MASK, +36.45%), Radio Caca (RACA, +27.22%), WOO Network (WOO, +21.45%), MCO (MCO, +76.68%), Chromia (CHR, + 41.23%), CEEK VR (CEEK, +39.11%) were significantly higher in the last 24 hours as most Altcoins endured losses.
Cartesi aims to take smart contracts to the next level by solving scalability and high fees issues through implementing optimistic roll-ups. Cartesi has rallied more than 100% since Nov. 9, with today’s staggering rise marking highs at $1.73. This follows on bullish enthusiasm that users will now be able to send CTSI to their Telegram contacts through Cartesi’s integration with the Ime Platform. The integration is reportedly set to go live this week.
Web 3.0 tokens continue to garner attention in the crypto space. Recently, Reddit co-founder Alexis Ohanian announced teaming up with Solana Ventures to launch a new investment fund dedicated to Web 3.0 and social projects. Flux is the decentralized next-generation Web 3.0 Computational Network. Flux has enjoyed a bullish November so far. Taken from Oct. 31 lows of $0.45, Flux has enjoyed a 408% price increment to all-time highs of $2.29 today. The gains come amid a resolution of a bullish pennant and the upcoming debut of 30 new dApps on its blockchain infrastructure.
DeFi liquidity provider, WOO Network surged to fresh all-time highs of $1.60 on Nov. 11 after raising $30 million in Series A round. Today’s climb is set to mark the fourth consecutive day in the green since Nov. 8.
Radio Caca (RACA) is the native token for the Universal Metaverse (USM). The Universal Metaverse (USM) is a 3D Planet virtual world where users can own lands, build buildings such as stores and art galleries, create and play games. RACA made fresh all-time highs of $0.0083 on Nov. 11 as the ongoing metaverse discourse seems to have aided RACA’s growth. RACA’s metamon game also continues to attract users ”Metamon Game has over 10k daily active users…300 Metamon Eggs will be airdropped”.
Mask Network (MASK) is enjoying the fifth green day, rising to highs of $19.78 today amid the Mask 2.0 upgrade. Users can now show their own NFT identity on Twitter as much as they desire.
Speaking on the BTC price action, on-chain Data analytics Santiment states:
”Bitcoin dumped to $63.2k Thursday morning but is now back above $65k. #Altcoins have surged significantly since the recovery, outpacing $BTC. Look to see if the #1 #crypto asset stays stable, which can allow #alts to shine heading into the weekend”
Courtesy: SantimentA glance over discussions by many analysts and traders shows that most expect BTC to revisit lower support levels at $64,000 and below before recapturing bullish momentum and moving higher.
During this period, Altcoins might capitalize on Bitcoin’s ensuing consolidation that tends to occur after BTC pulls back to retest underlying support levels and climb higher.
Generally, Analysts expect higher inflation to send Bitcoin and Gold higher into the end of the year. S2F creator, PlanB predicts a closing price of $98k for Bitcoin in November.
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