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A Glimpse of the Crypto Market on December 21, 2023

 

Today, the crypto market has shown indecision, with a balanced ratio of gainers and losers at 50/50. Despite the indecisiveness, the overall market capitalization stands at $1.66 trillion, exhibiting a modest 0.4% growth. Notably, the trading volume has surged by 32%, with a significant portion flowing into altcoins, particularly benefiting Solana (SOL) and Polkadot (DOT), which recorded impressive gains of 11.9% and 15.9%, respectively. 

 

Today's crypto market. Source: Coin360.

Adding to the dynamics, the crowd sentiment remains remarkably bullish, mirroring the Fear & Greed Index at 70/100, indicating a prevailing sense of Greed. This sentiment suggests that market participants are poised to maintain their buying momentum, contributing to the overall optimistic outlook. 

As Bitcoin (BTC) relinquishes ground to altcoins, its dominance has dipped by 0.58%, currently standing at 50.97%. Simultaneously, the price of Bitcoin has experienced a 1.3% drop, aligning with a decrease in its market capitalization, which now rests at $851.6 billion.

The Altcoin Index currently stands at 55, underscoring a notable shift in the direction of capital within the cryptocurrency market. According to this indicator, the commencement of the altcoin season is imminent, expected to trigger when the index reaches 75, signifying a considerable influx of investment into alternative cryptocurrencies. Investors are keenly observing this metric as it approaches the threshold, anticipating increased momentum in the altcoin market. 

Providing a succinct snapshot of top Proof of Stake coins today, Ethereum (ETH) saw a marginal gain of less than 1%, facing recovery challenges post-retracement; however, key indicators maintain a bullish outlook. In contrast, Polkadot (DOT) experienced substantial gains, surging by an impressive 17.6%, delighting stakers on CryptoStake and affirming a super bullish trend. Meanwhile, Cosmos (ATOM) registered a respectable 5.9% increase after testing the $10 support level, reflecting positive momentum in its market performance.