Tuesday, November 29, 2022

Investors show preference for Bitcoin at expense of altcoins

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The crypto market as a whole is bearish with most top 100 coins in the red at the time of writing. Bitcoin fell slightly, altcoins did worse even though stocks rose. 

Top cryptos

Bitcoin was recently trading at around $29,000, generally unchanged over the previous 24 hours. Ether lost around 8% over the same period and was trading below $1,800. 

Most top 10 altcoins were in the red. Solana is the biggest loser, down by around 10%. Investors show preference for Bitcoin, considered the least risky of all digital assets, amid ongoing worries about an economic downturn and high inflation. 

Relative to other coins, Bitcoin saw a spike in its market cap. XRP and Tron are the only top 20 coins in the green, up by around 2% resp. 1%. 

Top movers

Outside the top 20, the tendency was bearish, with most coins losing 3-8% of their value. Notable standouts include Elrond with a loss of 15%, THORChain with 14%, Loopring 10%, Gala 9%, and Waves 12%. 

The biggest loser, however, is STEPN, down 22%. STEPN is in freefall for three reasons: it was banned in China, a massive NFT selloff is resulting in lower prices, and the crypto market is weak overall. 

UST’s descent continues. It’s currently trading for 4 cents and has lost 52% of its value today.  

On the other end, Decred added 2% and Ethereum Classic gained 3%, continuing its upward trajectory seen in the last few days. Tron’s stablecoin USDD is rapidly rising in the market cap ranking.  

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The biggest winner today is Topchain, which aims to become the world’s leading gaming brand, transforming the industry to create a global decentralized gaming ecosystem. Its token TOPC has added 225% to its value today.  

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