As a seasoned analyst with over two decades of experience in the financial markets, I must admit that the current state of the cryptocurrency market is both intriguing and perplexing. The resilience of Dogecoin (DOGE) and other veterans like XRP, XMR amidst the broader market apathy is reminiscent of old-timers outlasting the latest fads in a dance-off.
Despite a cooling down in the cryptocurrency market following the bullish surge of “Uptober,” some established cryptocurrencies are showing unexpected strength. On the other hand, trendy new meme coins such as Popcat (POPCAT) are currently experiencing losses.
DOGE, XRP, XMR: Top gainers in crypto you did not expect
Dogecoin (DOGE), often recognized as the first meme coin and currently the largest meme cryptocurrency in terms of market value, holds the top position among the leading 100 cryptos based on performance. In the recent 24-hour period, its market capitalization surged by approximately 3.7%, reaching an impressive milestone of over $23 billion.
Over the past week, Dogecoin (DOGE) surpassed all its rivals with a 9% increase. However, the overall market cap for meme coins decreased by 0.6% within the past day.
Among the options presented, Popcat (POPCAT) has experienced the poorest performance, shedding about 11.7% of its value within a single night. This is the largest cryptocurrency themed around cats that has dropped out of the top 50 rankings.
Meme-based cryptocurrencies such as Floki (FLOKI), Pepe (PEPE), and Based Brett (BRETT) are experiencing a downturn. The market value of Floki (FLOKI) fell beneath the $1.2 billion mark.
Among the older cryptocurrencies, XRP continues to shine, with a gain of 1.7%, even in the face of widespread market indifference. It aims to reach a market capitalization of $30 billion.
Previously mentioned by U.Today, the value transfers in the XRP cryptocurrency have noticeably spiked among the emerging high-value users on the blockchain.
$228 million liquidated as Bitcoin (BTC) yet again disappoints bulls
Monero (XMR), a leading cryptocurrency focused on privacy, has managed to secure a spot among the top performers once more. Monero has increased by 1%, positioning itself to surpass the $3 billion market cap mark.
Approximately a month ago, as an analyst, I found myself reporting that Kraken, one of the last significant exchanges offering Monero (XMR), had to restrict this asset for its European users.
Today, the market standard has decreased by 1.2%. The major cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), both increased by approximately 0.6%. However, in the past 24 hours, more than $228 million worth of crypto positions (representing about 70% longs) were sold off because Bitcoin (BTC) couldn’t maintain a price above $70,000.
The fall of Bitcoin (BTC) below $68,000 has caused the Fear & Greed Index to dip to 70 out of 100, which is its lowest point in a ten-day span.
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2024-11-04 16:40