10:05am ▪ 3 min read ▪ Written by Fenelon L
Bitcoin is experiencing a phase of consolidation after reaching nearly $100,000 amid increasing volatility in the cryptocurrency market. Meanwhile, the stablecoin sector is hitting historic highs and the NFT market is making a remarkable comeback.
BTC is in consolidation phase after achieving new record
All eyes are on Bitcoin, which is taking a lull after hitting nearly $100,000 on major exchange platforms last week. The flagship crypto asset has returned to around $91,000, marking a modest 9% correction considering its steep rise since the beginning of the year.
This consolidation comes as American markets slow down due to Thanksgiving celebrations, which are traditionally characterized by reduced volatility. Unity Wallet's director of operations, James Toledano, views this primarily as technical profit-taking, reminding us that “significant corrections often follow periods of exponential upswings.” .
Despite this pullback, fundamentals remain strong due to increased interest from institutional investors and favorable regulatory developments, particularly the US Treasury's recent pro-crypto stance. The number of Google searches related to Bitcoin reached a new high after the election, reflecting a resurgence of public interest.
Cryptocurrency ecosystem will thrive beyond Bitcoin
The NFT market has seen a remarkable recovery since the beginning of November, with the lowest price of the top 100 collections increasing by an average of 28%. According to Drunken Monkey Members Club data, some collections have seen up to a staggering 146% increase.
In the stablecoin sector, total capitalization reached a new record of $190 billion in November, surpassing the all-time high before the TerraUSD collapse. Tether (USDT) still dominates the market with a market cap of $135 billion, while USD Coin (USDC) is up 11% to $38 billion.
Altcoins are not far behind. Solana (SOL) sets a new record of $264 due to massive adoption with 6.2 million active addresses per day. This market diversification, coupled with the emergence of new protocols like Sui, signals the gradual maturation of the cryptocurrency ecosystem far beyond just Bitcoin.
In conclusion, while Bitcoin is catching its breath after a dizzying rise, the entire cryptocurrency ecosystem is showing remarkable vitality. This market stage reflects the industry reaching full maturity, with technological innovation and institutional adoption coming together to shape the future of digital finance.
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Fenelon L.
Passionate about Bitcoin, explorer of blockchain and cryptography, and a challenger at the forefront of communication. We guarantee you a free life and financial freedom, and we guarantee you a safe life so you can use your Bitcoin safely.
Disclaimer
The views, ideas and opinions expressed in this article are solely those of the author and should not be construed as investment advice. Please do your own research before making any investment decisions.
