Altcoins Declined After the Bitcoin Drop

Lately, cryptocurrency traders seem to be on pins and needles in anticipation of further changes, because Bitcoin fall below $42,000 and other digital currencies also suffered losses.

The total cryptocurrency market capitalization on December 3 fell 12.7% from $2.37 trillion to $1.92 trillion. A total of $2 billion long futures contracts were liquidated.

Over the previous week, the price of Bitcoin (BTC) fell by 14.6%, and altcoins also kept up with the first cryptocurrency. The data shows that Ethereum (ETH) lost 6.0% in value, Binance Coin (BNB) lost 7.3%, and Solana (SOL) lost 7.8%.

Fortunately, not all coins went negative. Over the past week, OKB (OKB) OKEx and UNUS (LEO) Bitfinex tokens topped the list in value gains. Additionally, Polygon (MATIC) and Algorand (ALGO) scaling solutions have profited from Ethereum network transaction fees of $40 or more.

The three decentralized sharing solutions had the lowest scores: Theta Network (THETA), Filecoin (FILE), and Internet Computer (ICP). In addition, Siacoin (S.C.) experienced a 34% drawdown, while the Ankr (ANKR) network fell 31.8%.

Among the worst was the decentralized exchange aggregator 1inch Network (1INCH). And while he completed the $175 million Series B investment round, it wasn’t enough.

The OKEx Tether (USDT) premium, which measures the difference between Chinese peer-to-peer (P2P) transactions and the official US dollar currency, also decreased slightly last week.

At the time of writing, the indicator was close to 98%, which signals bearish market sentiment and weak demand from cryptocurrency traders to convert cash to stablecoins.

Due to the rate correction last week, the total open interest in futures fell 28% to $16.7 billion. This movement was expected. Total market capitalization recovered, and about $3.9 billion worth of futures were liquidated within a week.

Even considering that Bitcoin has recently suffered significant losses, the overall market structure remains good and analysts are hoping for a resumption of uptrends.

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