Bitcoin, Ethereum, Dogecoin Outperformed By Altcoins As Crypto Market Gets Slight Recovery

[ad_1]

The global cryptocurrency market cap rose 1.24% to $ 1.41 trillion on Sunday night as major cryptocurrencies like Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) lagged behind. altcoins in terms of earnings.

What happened: BTC traded 1.81% higher at $ 34,256.47 over 24 hours at press time. The apex cryptocurrency traded 2.06% lower for the week.

ETH traded up 1.08% to $ 2,138.17. ETH traded 0.71% less than BTC during the same time frame. The second largest cryptocurrency by market cap plunged 7.8% for the week.

Dogecoin (CRYPTO: DOGE) rose 0.3% to $ 0.215 on a 24-hour basis. The coin itself declined 11.7% over a seven-day period.

See also: How to buy Dogecoin (DOGE)

DOGE traded 0.83% and 0.12% respectively against BTC and ETH.

Synthetix (CRYPTO: SNX), the eponymous decentralized finance or DeFi protocol token, traded 14.88% higher at $ 12.72 over 24 hours, among the top winners. Over one week, SNX gained 46.72%.

SNX is up 12.96% and 13.72% against BTC and ETH, respectively.

Other notable winners on Sunday night included KuCoinToken (CRYPTO: KCS), which climbed 82.34% during the week. Over a 24-hour period, the KCS rose 9.5% to $ 13.96.

Nano (CRYPTO: NANO) and Crypto.com Coin (CRYPTO: CRO) also jumped in 24 hours, gaining 10.66% and 8.71% to $ 4.80 and $ 0.13 respectively.

Why it matters: Market value to realized value (MVRV) – an asset’s market capitalization divided by realized capitalization – has yet to reach the high levels seen before profit taking, which is why implies that there are unrealized gains for capitalization for traders, CoinDesk reported.

See also: Is Now Time to Buy Ethereum Cryptocurrency (ETH)?

Another measure, the Puell Multiple – which is the total dollar value of Bitcoin mined in a single day divided by the cryptocurrency’s 365-day moving average – has fallen to its lowest level in a year in recent days and is an indicator that BTC is undervalued, according to CoinDesk.

Despite this, Bitcoin and other cryptocurrencies are increasingly coming under regulatory scrutiny around the world, which UBS’s global wealth management division says could cause ‘bubble-like’ markets to burst. “.

Last week, People’s Bank of China Deputy Governor Fan Yifei said the regulator was already taking action against the cryptocurrency.

Europe and West African countries have also reportedly stepped up their review of cryptocurrencies.

Read more: Think the Dogecoin days are over? These indicators suggest there is more to come

[ad_2]