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Cryptocurrency News by Tradecoind2
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[QUOTE="tradecoind2, post: 328385, member: 103239"] [HEADING=2]Altcoins are getting stronger despite the dominance of Bitcoin[/HEADING] Total cryptocurrency market capitalization decreased by 2.3% on the day. However, it made more than $300 billion in the past month and held on to those gains. [HEADING=2][B]Altcoin market dynamics[/B][/HEADING] On November 17, analyst CryptoCon observed that altcoins are getting stronger despite the big moves made by Bitcoin. They stated: “This is clearly demonstrated by both the altcoin’s upward trend in strength and its break above the 50-week SMA (simple moving average) barrier.” In previous market cycles, such as 2016 and 2017, strong bullish price action occurred after this technical indicator was crossed. However, the crossover has come a bit early in this cycle, as is usually expected next year. The analyst added that “stronger Bitcoin and altcoin price action like 2016 – 2017 and less nonsense than 2020” is expected. However, analyst Jelle pointed out things are still very early for altcoins as the total altcoin market capitalization has yet to break out of the accumulation range. Analyst Mustache highlighted the “Supertrend Indicator” in a November 17 post about altcoins. The indicator has switched to a buy signal for altcoins, which it did before previous bull markets. Crypto influencer and Cardano advocate Dan Gambardello offered another bullish angle on the altcoin: “Did you know Blackrock knows altcoins are decreasing Bitcoin dominance and they have openly admitted it in their filings?” Bitcoin is the market leader that makes the first move when the cycle turns. It was then followed by Ethereum and other high-cap altcoins before the rest of the altcoin market typically lagged behind. [HEADING=2][B]Cryptocurrency market[/B][/HEADING] Overall, it’s still early days for altcoins, but things are starting to wake up. However, total capitalization fell to $1.43 trillion in the past 24 hours as the cooling-off period began. However, not all altcoins are in the red, DOGE bucks the trend with a 4.63% increase. AVAX exploded today, pumping 18% to a high of $24, while Kaspa (KAS) gained 20% on the day. The biggest altcoin losers were SOL (10%), LINK (8.23%), and MATIC down 9.62% on the day. [B]Source:[/B] [URL unfurl="true"]https://tradecoind2.com/altcoins-are-getting-stronger-despite-the-dominance-of-bitcoin/[/URL] [/QUOTE]
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