Crypto roundup: Bitcoin and altcoins back in the gravy on Thanksgiving Thursday
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As the world’s biggest economy celebrates its Thanksgiving, the US dollar Index (DXY) is still riding pretty high… and the crypto market’s not exactly a turkey, either.
At the time of writing, the entire cryptocurrency market cap is looking about 5.3% more positive than this time yesterday, and is back up around US$2.81 trillion – according to CoinGecko data.
There’s a lot more green on the crypto charts today, with some pretty tasty offerings well placed on the table.
OG market-moving favourites Bitcoin (BTC) +4.6%, and Ethereum (ETH) +7.1%, are both showing some good form. And even the former no. 3, Cardano (ADA) + 6.5%, looks like it might be back in some sort of business after a reasonably torrid, big-dipping week for the asset.
Bitcoin, seen as an inflation hedge by many, usually correlates negatively against a strong-performing DXY. The latter is still in a lofty position compared with where it’s been for much of the past 16 months, however, could it be hitting a little bit of resistance? Possibly. It’s down a fraction – negative 0.12% since its last daily close.
Bitcoin dominance, meanwhile, has dropped a little bit. According to CoinGecko, which accounts for 11,124 cryptos at the time of writing, Bitcoin dominance over the market has dipped to 39.63%.
CoinMarketCap, however, takes in data from more coins – 14,812 – and is showing a BTC dominance figure of 41.8%. It’s still lower than it has been recently, though.
Is a lower Bitcoin dominance good? It potentially is for altcoins. The lower that level comes down, the higher chance it is that we could be moving into a possible “altcoin season”. A traditionally festive period of frothy FOMO, “moon Lambo” chatter and general price pumpage.
No guarantee, of course, but a quick look around Crypto Twitter, and it’s not hard to find some excitable chit-chat and positive chart-gazing analysis for the altcoins…
Do I need to say anything else?
— TinTrader (@Tin1Trader) November 25, 2021
… but also for Bitcoin, too…
— Frank (@btc_kg) November 25, 2021
Meanwhile, the US Democratic senator Elizabeth Warren has a Thanksgiving message for Americans…
Wondering why your Thanksgiving groceries cost more this year? It’s because greedy corporations are charging Americans extra just to keep their stock prices high. This is outrageous. https://t.co/ZGhL7c3piR
— Elizabeth Warren (@SenWarren) November 24, 2021
… and the billionaire Gemini crypto exchange and custodian co-founder Cameron Winklevoss has one for her… #inflationnation…
No, it’s because you keep spending money you don’t have and printing money out of thin air. Nice try. https://t.co/AwSi4egABd
— Cameron Winklevoss (@cameron) November 25, 2021
And, lingering on the Thanksgiving theme for a moment longer, Macy’s – one of America’s biggest department stores – launched its “Macy’s Parade NFT” series today, built on the Polygon network, with all proceeds going to charity.
People can now bid on an iconic piece of the Macy’s Thanksgiving Day parade, in the form of an NFT https://t.co/OR3f0g4qVz
— The Wall Street Journal (@WSJ) November 24, 2021
While trying to keep FOMO in check, let’s have a look at what’s really moving in the cryptoverse today…
Some notable double-digit gainers in the top 100 by market cap include: dog-meme coin Shiba Inu (SHIB) +20%; Polygon (MATIC) +11%; Theta Network (THETA) +12%; Filecoin (FIL) +11%; Gala Games (GALA), relentlessly continuing to level up, +47%; Curve (CRV) +18%; Basic Attention Token (BAT) +29%; and Immutable X (IMX) +11%.
Projects in the GameFi space are on a roll right now, and Gala Games, with its suite of fun-looking time wasters, including Spider Tanks and Townstar, is clearly crushing it…
ATH ROI on BitMart@GoGalaGames -448x $GALA@TheSandboxGame-383.8x $SAND@PolkaPets-26.1x $PETS@illuviumio-11.8x $ILV@AxieInfinity-11.7x $AXS#PlayToEarn & Trade:https://t.co/D2AxH1poyu pic.twitter.com/41LgDKHnEX
— BitMart Research (@BitMartResearch) November 19, 2021
While investing at all-time-high levels isn’t really advisable (er, not financial advice), GALA is clearly one to keep watching. Perhaps a decent entry point will come on the back of some market profit taking.
A brief look outside the top 100, and we’ve got more daily winners, including RPG NFT battler Illuvium (ILV) +14%, hitting a new all-time high of US$1,800 an hour ago; Request Network (REQ) +170%; Chain Games (+58%); and Ethereum Name Service (ENS) +48%… just to name a few.
On the flip side, some notable 24-hour dippers today include cutesy metaverse game My Neighbour Alice (ALICE) -13%; The Sandbox (SAND) -12%; Wax (WAXP) -12%; and Decentraland (MANA) -10%.
Some potentially tasty Thanksgiving pullbacks within the buzzy metaversal narrative, right there.
Oh… and a final news bite to finish up. As widely expected, Moonbeam – a Polkadot-based smart-contract platform – has won the second, highly coveted parachain slot, with over 35 million DOT contributed from more than 200,000 contributers worldwide.
The project joins Acala, a Polkadot ecosystem DeFi hub, on the exclusive Relay Chain-plugging list. You can read all about what that means, and how it all works, here. It’s, you know, kind of a big deal.
Great combo, congrats! @Polkadot is going to dominate crypto
— RichP (@R1ch_P) November 25, 2021