- During the month of November 5 cryptocurrencies the attention of the crypto community for their performance.
Here you can find the Top 5 cryptocurrencies that remained the ‘Top of Mind’ of the crypto community during the month of November; that is to say, those that generated enough to talk about in that period.
An important aspect to take into account is that the Top 5 does not keep an order of relevance and, in addition, the classification to this table is not regarding the performance during the month, but rather those cryptos that generated a high interest.
Bitcoin, is it still the queen of the crypto market?
During the month of November, the leading crypto experienced a considerable correction in its price. In this sense, On November 1, the price of BTC was $ 61,139 USD, and 10 days later, Bitcoin broke a new all-time high by positioning above $ 68,600 USD. Americans.
However, the indices most used in technical analysis, such as volume and RSI, showed that a correction was approaching. Since November 15, the leading crypto has experienced a drop that took it to a monthly low of $ 53,570; managing to recover to $ 58.814, the price that began the month of December.
If we review the historical graph of Bitcoin, the crypto usually corrects before a rally at the end of the year. Since its all-time high, Bitcoin has corrected just 17%, which is nothing when compared to the correction it experienced between April and July 2021, when it fell by approximately 53%. In fact, even in September it faced a second deeper correction compared to the current 37%.
In accordance with Glassnode, The correction facing Bitcoin is actually a daily routine for crypto hodlers. In this sense, the report expects Bitcoin to rebound before the end of the year, as long as the situation around the new variant of COVID-19, Omicron, does not get worse.
In that case, Bitcoin would watch the “Santa Claus rise”. This is a term adopted for when prices rise during the last 5 trading days in December and the first 2 trading days in January. Curiously, BTC has experienced this phenomenon in 2017, when it reached its all-time high of the moment, and in 2020.
However, with Bitcoin you never know. In fact, PlanB, a cryptanalyst who developed a prediction model for the price of Bitcoin, admitted that November had been the first month that its model failed, after accurately hitting August, September and October. But still, PlanB maintains that Bitcoin is heading towards $ 100,000.
Ethereum manages to recover just in time
Ethereum, the second most important cryptocurrency by market capitalization, managed to break the bearish sentiment marked by Bitcoin and even surpassed its all-time high, marking a new one of $ 4,843 US dollars.
Like Bitcoin, ETH also experienced a November marked by a new all-time high followed by a correction. However, unlike BTC, ETH managed to rally just before the end of the month, and closed above $ 4,750 USD. Thus, ETH has achieved a growth of 11.56% during the last 7 days.
What are the expectations for Ethereum?
This cryptocurrency has grown due to the number of successful projects that have been developed on its blockchain, first it was DeFi, then the NFTs and now the Metaverse.
However, the Ethereum Blockchain you face a fundamental scalability problem. Explained quite simply, the space within the network remained small, which has resulted in high transaction fees and, consequently, an important limitation for the creation and development of projects on its blockchain.
2022 will be a key year for this cryptocurrency since it will be the moment in which Ethereum will be updated to Ethereum 2.0, making it more scalable and secure, managing to increase the speed of transactions on the network and drop rates.
In this sense, it will be a cryptocurrency that we must follow very closely during the next few months.
Solana, keep moving forward
Solana has managed to become one of the favorite crypto projects of 2021. This project is about a smart contracts platform that competes with Ethereum and Cardano. In fact, Solana’s growth is due to some extent to the shortcomings of Ethereum since it was the alternative for those looking for cheaper options.
According Staking Rewards, a website that provides staking metrics on blockchains, Solana has seen a significant increase in staking, surpassing Cardano and Ethereum for total value.
Currently, the value of money that is locked in the Solana blockchain is $ 88 billion dollars Americans, while, on Ethereum, the amount is $ 39.54 billion. Still Solana has a long way to go. So far, Ethereum continues to dominate DeFi and NFTs.
Usually, SUN has ruled the interest of the crypto community since started 2021 with a price around $ 1.50 USD and is now positioned above $ 200 USD.
At the level of performance for the month, SOL also experienced relative volatility. In particular, the price of the crypto at the beginning of the month was $ 207 US dollars and managed to close November above $ 214 dollars.
However, it also experienced lows around $ 185 USD on several occasions throughout the month. In this way, Solana starts December on the right foot after Grayscale Investments presented its 16th investment vehicle that will be passively invested in Solana, which had $ 9.5 million under management when it was launched.
Through this, accredited individual and institutional investors may have exposure to SOL. This could allow SOL to be more visible to high net worth and institutional investors. Could it ever surpass Ethereum?
If you want to know more details about Solana and its SOL token, we invite you to review the following guide with everything you need to know.
The Sandbox: Project that has captivated Binance, Adidas and others
In November the ‘Metaverse’ began to gain popularity as Facebook announced the change of the company’s name to ‘Meta’ with the aim of venturing into this new world.
For those who still do not know what a Metaverse is, it is a virtual world in which we can enter and interact with all its elements. In accordance with Grayscale, the metaverse market could be worth more than $ 1 trillion.
Currently, there are various projects linked to the crypto ecosystem that have joined this proposal and, of course, one of them is The Sandbox.
In particular, this project has gained the trust of Binance and Adidas, these being only two of the companies that have bought land in the metaverse of The Sandbox and plan to develop great things in it.
It is so, in November, SAND has been one of the best performing cryptocurrencies on the market. Earlier in the month, the crypto traded around $ 1.5 US dollars and managed to finish with a valuation around $ 6.49 US dollars. In fact, in November, SAND set its all-time high of $ 8.40.
in additionDuring the month of November, SAND managed to enter the Top 50 of cryptocurrencies by market capitalization. This project is likely to remain among the most popular in the crypto market as the Metaverse unfolds.
If you want to know more details about The Sandbox and its SAND token, we invite you to review the following guide with everything you need to know.
Avalanche, another of Ethereum’s great competitors
Avalanche (AVAX) has grown in popularity as it has moved forward making key partnerships. This projectecto seeks to improve scalability without compromising decentralization and is that blockchain generally faces problems balancing these two characteristics.
During November, AVAX, Avalanche’s native token saw a cumulative increase of 94%. It is currently trading at approximately US $ 108, however on November 21 it set an all-time high of US $ 143.78.
It is precisely the price increase that crypto experienced that led it to position among the Top 10 cryptocurrencies by market capitalization, according to CoinMarketCap. However, it is currently at number 11.
In particular, the increase in AVAX is explained by the ad Ava Labs, and its association Deloitte which seeks to “improve safety, speed and accuracy” of funds from the Federal Emergency Management Agency (FEMA).
In reality, the announcement, beyond the work that was in hand, gives Avalanche an important credibility to start 2022.
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