These altcoins are currently outstripping Bitcoin

After recent turbulent weeks, the crypto market has recently been able to stabilize slightly again. The sector seems to have digested the significant price drops as a result of the insolvencies of FTX and BlockFi, as well as the uncertainties surrounding the trading and lending platform Genesis, at least in the short term. The crypto market also seems to be ignoring the price consolidation of the US stock market at the beginning of the week. From a fundamental point of view, there are also several reasons for the current bottoming out tendencies for Bitcoin and Co. In addition to promising on-chain data and recently less aggressive statements on future monetary policy by Fed boss Jerome Powell, the weakening of the US Dollar Index (DXY) is also having a positive effect on the crypto market.

Above all, Ethereum (ETH) has recently been cautiously bullish again and was able to recapture the first important price levels with a price increase of seven percentage points. The positive development of the last few weeks of trading is also reflected in the total market capitalization and, after falling back to USD 727 billion, is now trading a good ten percent higher at USD 807 billion. As before, the overall market must stabilize above USD 762 billion at the weekly closing price in order to prevent a further sell-off in the crypto sector.

Axie Infinity, GMX and Fantom rise massively

With the play-to-earn project Axie Infinity (AXS), an underperformer of the last few months is currently benefiting from the stabilization on the market and is gaining 31 percentage points in a weekly comparison. The decentralized crypto exchange GMX (GMX) is also growing noticeably and is rising by 25 percent in the north. The price movement of the Layer-1 Blockchain Fantom (FTM) is also bullish. The FTM course has increased in value by a good 21 percentage points in the last seven trading days. Of the major cryptocurrencies, Polygon (MATIC) in particular can make up ground and rise by around ten percent in a weekly comparison. Whether this recovery trend will continue in the coming trading days is likely to continue to be determined by developments on the traditional financial market. At the end of the week on Friday, December 9th, investors are looking at the development of US producer prices and consumer behavior in the US.

Price developments of the top 10 altcoins

Looking at the price development of the top 10 altcoins, there is an inconsistent trend. While in addition to Polygon and Ethereum Polkadot (DOT) can also show a decent performance with a price increase of more than six percent, the prices of Binance Coin (BNB) and Ripple (XRP) tend to be almost two percentage points lower in a weekly comparison. However, the positive overall picture is underpinned by the bullish development of the memecoin projects Dogecoin (DOGE) with a five percent price increase and Shiba Inu (SHIB) with a good two percentage point increase in value.

The rise in the price of the crypto veteran Litecoin (LTC) is also noteworthy. With an increase in value of almost seven percent in a weekly comparison, the LTC course can seamlessly continue its recovery from the previous month. Litecoin had already gained 60 percentage points in November. Contrary to the expectations of many analysts, the altcoin, often referred to as the little brother of Bitcoin, has been able to make its way back into the top 10 of the largest cryptocurrencies after more than a year of abstinence.

Winners and losers in the top 100

The performance of the top 100 altcoins paints a slightly positive picture for the last seven trading days. Around 70 percent of the 100 largest cryptocurrencies show a positive price development. In addition to AXS, GMX and FTM, the DeFi projects THORChain (RUNE) and Rocket Pool (RPL) are also showing their bullish side, each with an 18 percent increase in value. With Aptos (APT), the Synthetix Network (SNX) and ImmutableX (IMX), three other top 100 altcoins are also increasing in value by more than 15 percentage points. Almost 25 of the 100 largest cryptocurrencies are recording double-digit price increases.

The list of underperformers is led by the BTSE token (BTSE) with a 14 percent discount, followed by 1inch (1INCH) with a price drop of just seven percent. The Theta Network (THETA) and Chain (XCN) each lost almost five percentage points in value in a weekly comparison. The manageable course corrections of two percent and less for the remaining losers among the top 100 altcoins confirms the short-term and absolutely necessary calming down in the crypto sector. However, as long as the key crypto currency Bitcoin cannot sustainably recover above USD 17,400 at the daily closing price and subsequently also above the resistance at USD 18,200, the current recovery can initially be seen as a purely technical counter-movement and is therefore still on shaky ground. A dynamic drop in the BTC price back below USD 16,000 would again cloud the picture for the entire crypto market.

Disclaimer: The price estimates presented on this page do not represent buy or sell recommendations. They are merely an assessment by the analyst.

The chart images were created using TradingView created.

USD/EUR exchange rate at the time of going to press: EUR 0.95.