Bitcoin Drops 6%, but Ethereum, SAND, and XLM See Gains: Good Time to Buy?
Vignesh S G26 Nov 20243 min read
On November 22, Bitcoin reached a historic peak of $98,975.79, thrilling investors and crypto enthusiasts alike. But just days later, Bitcoin’s price took a sharp dip, dropping by around 6.16%.
What’s even more intriguing is that, during this downturn, several altcoins have been making impressive gains. Ethereum, Sandbox (SAND), and Stellar (XLM) are shining brighter, and the altcoin market as a whole has seen a boost of 2.38%.
Could this be a sign of a major shift? Let’s explore what’s happening and why it matters.
Bitcoin Price Decline: An Overview
In the last 24 hours, the BTC market has dropped by more than 5.9%. Yesterday, the BTC price declined by at least 5.07% – the highest single day correction the market has witnessed since November 5. Since the US presidential election, Bitcoin has grown by more than 37.04%. Many experts predicted that BTC would touch the milestone of $100K soon. However, the new trend indicates that the market may have to wait longer to reach the milestone.
Altcoin Market Growth: What You Should Know
On November 22, the total market cap of altcoins was around $1.26 trillion. Since then, the altcoin market has grown by 2.38%, suggesting that some altcoins are capitalizing on Bitcoin’s decline. Between November 21 and November 25, Bitcoin’s dominance in the market dropped from 61.14% to 58.54%, and it now stands at 58.80%—a noticeable drop from its peak of 61.18% on November 20.
Ethereum Leads the Way
Over the past week, Ethereum has outperformed Bitcoin, growing by 8.3% compared to Bitcoin’s 1.6%. On November 22, Ethereum was priced at $3,327.90, and since then, it has increased by 1.19%. Just yesterday, Ethereum rose by 1.6%, showing strong momentum.
Over the last 30 days, Ethereum has grown by 36.5%, and many experts believe it will continue to outperform other large-cap cryptocurrencies in the future.
Sandbox Gains Traction
Once seen as a niche sector, metaverse-related tokens are now drawing significant attention. Over the last 30 days, SAND, a popular metaverse token, has surged by 147.5%, signaling renewed interest in this space. On November 5, SAND was priced at $0.2261, and since then, it has risen by almost 177.79%.
On November 24, it reached a peak of $0.7711, marking a massive 76.33% gain in just one day. It’s now just 2.64% below its yearly high of $0.7915,recorded on March 11, 2024
Stellar Draws Korean Interest
Stellar (XLM) has recently been gaining attention, with its price increasing due to growing investor interest, particularly in response to political developments in Korea. In just the last week, XLM’s price has surged by over 101.3%, and in the last 14 days, it has grown by 275.5%.
On November 5, XLM was priced at $0.0895, and since then, it has increased by an impressive 408.26%. Between November 22 and November 23 alone, it jumped by 98.59%, highlighting its rapid growth.
While Bitcoin’s price has faced setbacks, altcoins like Ethereum, Sandbox, and Stellar are showing strong performance.
FAQs
- The market decline is attributed to upcoming Bitcoin and Ethereum option expiries, widespread liquidations, and institutional sentiment reflected in ETF outflows.
