Interest in the crypto market is broader than interest in bitcoin

Over the past day, the capitalization of the crypto market has exceeded $ 2.7 trillion, rushing to new historical highs and adding 3%. At the same time, the price of bitcoin increased by 2%, clearly indicating that cryptocurrencies are growing in a wide front.

The capitalization of the crypto market confidently updates the record The capitalization of the crypto market confidently updates the records

Last night, bitcoin briefly climbed above $64K, but on Wednesday morning it rolled back to levels just below $63K, somewhat slowing down. Anyway, the RSI on the daily charts is at the level of 60, having cooled down enough from the October rally and reflecting that the market is not yet ready for an active continuation of growth. The cryptocurrency fear and greed index jumped to weekly highs at 76, indicating a change in the focus of crypto enthusiasts, but not alertness in general.

In cryptocurrencies, an increased level of greed persists in cryptocurrencies, an increased level of greed persists

The achievement of historical highs by bitcoin earlier last month inspires the search for new stars of the crypto market, potentially with great potential.

The search for these ideas can be divided into two streams. The first is an increase in purchases of top 10-20 altcoins with a relatively high capitalization and a long history.

Among such “blue chips of the crypto market” is ether, which attracts with a long history and application in a variety of projects. Although transactions on it are quite expensive, developers are now trying to solve this problem, albeit not too quickly. The main killer feature of the project in recent months is the burning of coins for transactions on the network, which enthusiasts call deflation. However, it is unlikely that a steady decline in commodity prices can be compared with the fact that the rate of burning coins outstrips the rate of their extraction.

Ether regularly updates maximums Ether regularly updates maximums

Another area of search for crypto enthusiasts and speculators in the industry is new projects that either look promising in terms of infrastructure, or have good PR. The best PR man of our time – Elon Musk – is seen as an “additional bonus” for any coin that attracts his attention. From the point of view of PR, it is not the coin itself that is important, but how much its followers manage to support the hype and thereby promote its wider acceptance.

From this point of view, Shiba Inu and Dogecoin are ideal examples, since both managed to break into the top ten most capitalized coins (if we exclude the USDT stablecoin). The total cost of each of these projects exceeds $35 billion.

Among the crypto stars gaining popularity, it is also worth paying attention to the Sandbox. Despite a relatively modest 8% growth per day, the strengthening of the coin exceeds 240% in seven days. It is more than a year old, but it falls out of the field of view of speculators during periods of calm in the market, actively accelerating only when bidders show a special love for altcoins, as now.

An unusually large volume of transactions takes place in the Sandbox. An unusually large volume of transactions takes place in the Sandbox

Sandbox also highlights the trade turnover, which exceeds $5.27 billion over the past day, putting the project in fifth place in this indicator after Bitcoin (36.6 billion), Ethereum (21.1 billion) and XRP (5.29 billion). Again, here we refer the Tether (86.3 billion) and Binance (7.34 billion) stablecoins to another category, since they are an intermediate link for crypto players, and interest in them does not affect the price.