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As of November 7th, Tuesday, there is no one-way movement in cryptocurrencies, creating complex emotions among investors. Despite the decline in Bitcoin price, some altcoins have diverged, indicating that investors may have shifted their focus to altcoins rather than Bitcoin.
Bitcoin and Altcoins: Current Situation
Bitcoin has maintained its position as the most significant driving force in the market over the past two weeks due to rumors of Bitcoin Spot ETF approval. Additionally, positive news such as Ripple’s partnership with the National Bank of Georgia for Digital Lari has boosted investor confidence.
After reaching above $35,000 yesterday, the price of Bitcoin dropped by 0.12% in the past 24 hours, settling at $34,867.49. However, its 24-hour trading volume increased by 2.80% to $12.71 billion.
On the other hand, the leading altcoin, Ethereum, saw a 0.40% increase to $1,889.72 compared to Bitcoin. However, its 24-hour trading volume decreased by 1.31% to $8.42 billion. Binance‘s native token, BNB, is currently trading at $251.41 with a 3.42% increase. Its volume also experienced a noticeable increase, reaching $548.01 million with a 37.90% rise.
The recent increase in BNB price triggered another development. This surge allowed XRP to reclaim the fourth spot on the list of the best cryptocurrencies based on market capitalization, which was left behind by XRP on Monday.
XRP price also saw a 0.48% increase, reaching $0.6843. Among the top 10, Cardano experienced a 3.64% increase, trading at $0.3559. As for meme coins, Dogecoin recorded a 4.24% increase, trading at $0.07435. Its competitor, Shina Inu, reached $0.000008287 with a 2.18% increase.
Notable Altcoins
Pepe Coin, the biggest rival of Dogecoin and SHIB, continued its upward trend on Tuesday, trading at $0.000001157 with a 1.49% gain as of the time of writing. Additionally, the trading volume of this meme coin increased by 8.95% in the past 24 hours, reaching $123.56 million, indicating that investors are still keeping an eye on it.
There were also developments in the Blur side. It showed an increased interest in cryptocurrency among investors by being among the top gainers today. As of the time of writing, Blur’s price is trading at $0.3568 with an 18.27% increase, and more importantly, its trading volume increased by 353.22%. As a result, the daily trading volume reached $377.12 million.
Aave, another top gainer of the day, traded at $102.08 with a 15.20% increase as of the time of writing. Lastly, GRT, closely followed by investors, was also among the top gainers on November 7th. The price of GRT increased by 7.12%, trading at $0.1403 at the time of writing.
