Investing.com | 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.
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Written By: Investing.com