Altcoins Continue To Perform Well As Other Markets Experience Mixed Bag

While Bitcoin saw a modest increase over the past 24 hours, nearing $44,000, various altcoins have outperformed it, causing a roughly half a percentage reduction in its market dominance within a day. BNB has experienced a significant surge of 12%, reaching $330 amid the recent altcoin resurgence.

The total crypto market cap has increased by over $40 billion daily, reaching close to $1.7 trillion on CoinGecko. Bitcoin, while up 1% on the day and trading slightly above $43,000, has seen a decline in market dominance by 0.5% in a day to just below 50%. However, its market capitalization has rebounded to above $840 billion after a recent retracement.

Altcoins rally

Bitcoin SV stands out as the most notable gainer, alongside others like Arbitrum, Aave, Lido DAO, Optimism, and more. In the same timeframe, SOL has declined by over 6%, allowing BNB to reclaim its recently lost fourth place in market cap.

Elsewhere, ADA witnessed a 9% surge, trading above $0.65, while Ethereum rose by 6%, nearing $2,400. Notable gainers among larger-cap altcoins also included Chainlink (14%), Uniswap (10%), Bitcoin Cash (11%), and ICP (7%). Conversely, Avalanche, Polkadot, MATIC, and Toncoin are in the red.

Bitcoin SV has experienced a remarkable 60% surge, trading above $90, leading the top 100 alts. Other notable gainers include ARB, AAVE, LDO, OP, and XDC, with gains ranging between 15% to 20%.

Other markets

In the financial markets, European equity futures have edged higher as the year-end approaches, with global shares on track for their best annual performance since 2019. Treasuries remain steady, while contracts for the Euro Stoxx 50 rose 0.2% after modest declines in Asian stocks. US futures indicate gains, while the MSCI All Country World Index rallied by approximately 20% this year.

In other news, the United States Dollar (USD) is set for its worst year since the onset of the pandemic, down nearly 3% in a Bloomberg gauge, as Wall Street anticipates a Federal Reserve interest rate reduction after reining in inflation. Despite false starts suggesting the end of the rate-hiking regime, the USD has experienced its steepest annual drop since 2020.

Lastly, oil is on track for its most substantial annual drop since 2020, as war and production cuts fail to boost prices. Brent crude remains above $77 a barrel, facing weekly, monthly, and quarterly losses, while West Texas Intermediate hovers near $72 a barrel. The global benchmark has also declined by about 10% this year, and a broader Bloomberg commodities gauge has additionally dropped by a comparable margin over the past 12 months.