El predominio de bitcoin se debilita mientras monedas alternativas se recuperan
Bitcoin, the world’s largest cryptocurrency by market value, was barely between $ 60,000 and $ 63,000 on the Friday before the U.S. employment data report was released. The price hasn’t changed much in the week either, while alternative cryptocurrencies (altcoins, in English) and gambling tokens have seen significant gains.
Solana’s SOL token is up 21% this week and topped its all-time high on Thursday. Ether (ETH) also hit a record high, reaching $ 4,628 on November 3. It’s grown 2.4% in the week.
“Alternative currencies to ETH remain cheap,” says Daniel Kukan, trader at Crypto Finance AG.
The Bitcoin Dominance Chart, which shows the degree of preponderance of this cryptocurrency over the rest of the market, signals a favorable shift in exposure to altcoins, according to Matthew Dibb, Chief Operating Officer of Stack Funds.
“This trend is likely to continue in the short term,” he said.
The graph shows that Bitcoin’s dominance is decreasing as Altcoins occupy a larger share.
“We saw consistent offers for Layer 1 tokens (in Spanish, Layer 1) across all market weaknesses,” said Dibb.
Avalanche’s AVAX token hit an all-time high of $ 80.29 on Friday, rising 20% over the week. Polkadot’s DOT has also risen significantly this week, up 20%.
The currencies associated with virtual worlds, or so-called metaverses, were also in the spotlight after Facebook announced it would change its name to meta and enter this market.
“The recent rebranding of Facebook to Meta is causing the cryptocurrency market to reassess the future worth of these Metaverse competitors, many of which were quite underestimated until last week,” said Juan Pellicer, research analyst at IntoTheBlock.
MANA, the currency of Decentraland, a virtual world on the Ethereum blockchain that allows users to monetize content and applications, is up 88% on the week. SAND, the token of The Sandbox, also a virtual world where players can build, own and monetize their gaming experiences with non-fungible tokens, has gained 132%.
Game and winning tokens have also seen an upturn. Axie Infinity’s AXS token is up 5% over the week. Enjin Coin (ENJ), the token of Enjin, a gaming community platform and marketplace for virtual goods with a market cap of $ 2.6 billion, is up 28%.
Enjin announced Thursday that it has created a $ 100 million fund to support projects in its ecosystem aimed at developing a decentralized metaverse. The fund focuses on cross-chain NFT assets (cross-chain in Spanish; a technology that improves the connection between blockchain networks), collectable digital applications, games that use mixed reality, virtual events and building a multi-chain Infrastructure.