Crypto market expands beyond Bitcoin; altcoins rally, DeFi and stablecoins contribute significantly By  |  Editor Ambhini Aishwarya

Published Nov 07, 2023 01:40AM ET

The global crypto market, valued at $1.33 trillion, saw an overall growth of 0.46% last Wednesday, with altcoins gaining ground despite a minor drop in Bitcoin’s value to $34,867.03. This is a significant divergence from Bitcoin’s record high of $69,000 in late 2021. The total crypto market volume over the last 24 hours grew by 3.40% to $40.05 billion, with DeFi and stablecoins contributing $4.68 billion and $35.23 billion, respectively.

Speculative demand appears to be shifting away from Bitcoin towards lesser-known digital assets, which have been rallying this month. Meme currencies Dogecoin and Shiba Inu posted gains of 4.63% and 2.07%, respectively, boasting market caps of $10.64 billion and $4.9 billion, respectively. Pepe Coin also saw a significant surge by 30%.

Among other altcoins, Cardano and Polkadot gained by 3.22% and 2.15%, respectively, while XRP rose by 0.62%, though still significantly below its all-time high of $3.29.

However, not all digital assets shared in the rally. Ethereum’s price stagnated at $1,885.84 per token due to a lawsuit against Consensys and its co-founder, Joseph Lubin, which has obstructed its break past the $1,900 resistance level. Similarly, Solana’s price fell by 2.90%.

This shift in the crypto market comes amidst a broader trend of diversification within the sector, with investors increasingly looking beyond Bitcoin to other digital assets for potential returns.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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