The divergence between Bitcoin bulls and bears intensifies, while the market share of altcoins surges.
After Bitcoin continuously set new price highs, November became an important divergence point in this bull market:
Institutions are buying wildly: Wall Street's 'vest' MSTR has accumulated $12 billion in Bitcoin.
Long-term investors are selling: Investors holding coins for over six months are reducing their holdings at a rate of 25,600 coins daily.
The last time there was a similar divergence, Bitcoin entered a five-month consolidation period, with prices retreating from $73,700 to $49,000. This has also raised market concerns about adjustments.
At the same time, funds are starting to flow into altcoins. Over the past week, the market share of altcoins rose from 8.91% to 11.0%, and the daily trading share also climbed from 23% to 37%, indicating that the altcoin market is heating up.
XRP is vying for third in market cap, with a strong return of old altcoin concepts.
Today's data shows that BTC's market share dropped from 60% a month ago to below 57%, while ETH also fell to 12.9%. At the same time, the market share of other cryptocurrencies rose to 31.5%, indicating the official start of the altcoin season.
XRP continued to rise today, with a single-day increase of over 30%, market cap surpassing $135.8 billion, FDV exceeding $240 billion, successfully surpassing USDT to rank among the top three in market cap, second only to BTC and ETH.
Factors driving the XRP increase:
The legal dispute between Ripple and the SEC may come to an end, with multiple rulings releasing positive signals;
Its stablecoin RLUSD is expected to be approved on December 4;
Several institutions (such as Bitwise and 21Shares) have submitted applications for a spot XRP ETF.
The old altcoin sector also saw a broad rise:
XRP: +30%, Market Cap 3rd
ADA: +9.5%, Market Cap 8th
XLM: +12.5%, Market Cap 14th
LTC: +27.5%, Market Cap 9th
ALGO: +17.4%
EOS: +24.5%
DASH: +33.6%
The Coinbase50 index's constituent coins and Grayscale's holdings may become the focus of the next phase.
Both NFT and conceptual coins are warming up, is sector rotation coming?
Data shows that the NFT market ushered in a boom in November, with sales exceeding $562 million, a six-month high. Blue-chip NFT projects performed eye-catchingly:
MAYC: +84%
Pudgy Penguins: +29%
BAYC: +72%
Azuki: +25%
Doodles: +37%
Milady: +19%
At the same time, the NFT conceptual coin index has also risen sharply, with a 300% increase over the past three months. Among them, the top tokens performed as follows this month:
APE: +51%
BLUR: +94%
SUPER: +22%
NFT: +22%
The recent rise in the NFT sector has no significant news narrative or new project launches driving it, but is more like a result of capital flow.
It is noteworthy that on December 10, the Magic Eden token will undergo TGE and plans for a large-scale airdrop. This may further drive the flow, narrative, and capital aggregation in the NFT sector, becoming a catalyst for the next wave of market activity.
This week's key focus on token unlocks:
1. JTO: Unlocking valued at approximately $518 million, accounting for 103.03% of the circulating supply.
2. ADA: Unlocking 21.31 million, accounting for 0.05% of the circulating supply.
3. ENA: Unlocking 10.61 million, accounting for 0.45% of the circulating supply.
4. BGB: Unlocking 5.38 million, valued at 8.6 million, accounting for 0.38% of the circulating supply.
It is recommended to pay attention to $JTO, as the unlocking ratio is relatively high 🧐
Today's article ends here. Currently in a bull market, with waves of changes, we share codes daily. If you're unsure what to do in a bull market, feel free to follow us for spot trading codes and layout strategies that can be shared for free.
