Wednesday, December 2, 2020
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Cryptocurrencies Bounce Back After Last Week's Drop

Most cryptocurrencies are again in the green today and have recouped some of the losses seen earlier in the week, following a sudden change in sentiment today.

The total market capitalization of all cryptocurrencies slipped to a 30-day low of $325 billion yesterday but has since rebounded back up to almost $343 billion—adding $18 billion overnight.

Much of this growth can be attributed to gains in the altcoin market, as all of the top 10 altcoins are now strongly in the green today. Chainlink (LINK) is currently leading the pack, having gained 16% in the last 24 hours to reach $9.56, whereas Ethereum (ETH) and Polkadot (DOT) are up more than 4% apiece, while the altcoin market as a whole is up 5.2% in the last day.

Bitcoin (BTC), on the other hand, touched as high as $10,786 last night but is currently trading at $10,613 after gaining 3.1% in the last day. The cryptocurrency has seen its market dominance slightly knocked as Bitcoin was outperformed by the altcoin market.

Though the vast majority of cryptocurrencies are performing well on the 24-hour timescale, more than 80% are still in the red over the last week—and some quite considerably. Chainlink, Ethereum, and Polkadot are among the worst performers on this timescale, and are down 10-20% apiece, whereas Bitcoin is holding up relatively well, having lost only 2.8% in the last week.

This slight bounce comes despite news of Russia’s plans to crack down on non-compliant cryptocurrency holders with potential jail time, and more than $1 billion (combined) in Bitcoin and Ethereum options due to expire today.

Nonetheless, there has been a slight recovery in overall market sentiment according to alternative.me’s Crypto Fear & Greed Index, which now sits at 46, up from 39 yesterday. This means that sentiment has become more positive but there is still a state of slight fear in the market.

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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