Market Sees All Time Highs, Met with Timely Correction
On November 29th, the cryptocurrency market experienced a substantial pullback from its November bullrun, which saw many top coins keeping pace with Bitcoin’s growth.
It’s not every day that you see most of crypto’s top 10 competing with Bitcoin’s rise. Sitting at a 55.1% market dominance, when Bitcoin is pumping hard, it usually leaves other coins stagnant or at a loss. Either new money coming in wants a piece of Bitcoin, or capital is reallocated there from altcoins.
By and large, crypto’s market cap top 10 have kept up with Bitcoin’s $10k breech over the last week. Even with Bitcoin reaching a new all time high of $11,500, 6 of these 10 experienced their own all time highs within the past 24hrs. Consequently, two of the three that did not (Bitcoin Gold and Bitcoin Cash) are Bitcoin derivatives.
The biggest gainer out of the bunch is IOTA. As we recently wrote, IOTA has seen a substantial breakout, topping off on the 28th at $1.56 when it was just $0.70 less than a week ago. Ethereum classic comes in second, reaching a high of $34.75 after beginning its run-up on the 24th at $18.30.
There was still plenty of love for other contenders: Litecoin, Monero, and Dash reached $104.10, $214.28, and $815.01 respectively over the last week. Ethereum proved its worth as Bitcoin’s foremost adversary, reaching its all time high of $522.31 in the early hours of November 29th.
But a hefty pullback came at 16:49 UTC, as Bitcoin dropped nearly $1,600 in a matter of hours. The top ten and other altcoins followed suit, most all of them finding themselves at a loss from their 24/hr average. Monero, for example, dipped to as low as $165.33, while Litecoin hit $81.70 and Ethereum sustained a low of $435.09.
It’s unclear whether the market will continue to correct further, but the pullback, over or not, was overdue. Now, we can only wait to see if the market finds support or dips even further.