The short-term correction of the market has ended

Bitcoin is currently still trading below $ 60,000, but the rally in ether and several altcoins suggests that the current market correction may be over.

Market performance over the past seven days has been grim, especially as total market capitalization only increased 1.8% to $ 2.7 trillion. However, despite the bearish trend, some altcoins have seen a pretty decent rally. Bitcoin, on the other hand, is down 6% through November 28, but still manages to end the week after the $ 3,200 rally up 1.5%.

Top coins that have risen and fallen sharply in the past 7 days | Source: Nomics

Metaverse tokens keep reaching new highs

The Metaverse sector continues to outperform, with Gala (GALA), The Sandbox (SAND) and Decentraland (MANA) making the top 5 tokens of the week. While very few play-to-earn (P2E) and metaverse “environments” are available for actual interaction, significant news and partnerships are still driving the valuation of these tokens.

As reported by Cointelegraph, the Metaverse Group bought a virtual property on Decentraland for around $ 2.5 million. On November 25, a digital lot in the Axie Infinity game was sold for 550 ETH, approximately $ 2.5 million.

In addition, the partnership between Sony Pictures and AMC Entertainment announced on November 28th is offering up to 86,000 NFT Spider-Man to celebrate the premiere of the new episode.

Zash (ZEC), a privacy-focused cryptocurrency launched in October 2016, rose 20% in 24 hours on November 20 when developers announced they would switch to mining, traditional mining, and the move to proof-of- Avoid stake (POS) networks.

Amp (AMP), the native collateral token of the Flexa payments network, also rallied on November 24 after being listed on Binance. Meanwhile, Terra (LUNA) benefited from the burning of 5.4 million tokens in four days, according to Caviar founder and crypto investor Jason Wang.

Troubled Ethereum killers

The worst performing coins include four smart contract platforms that aim to disrupt the dominance of Ethereum: Cardano (ADA), Near Protocol (NEAR), Polkadot (DOT), and Harmony (ONE).

24 suggested Vitalik Buterin restrict transaction view data to one block in order to “reduce costs and promote an ecosystem-wide transition to roll-up-centric Ethereum”.

Aave Protocol (AAVE), the mortgage and profit lending platform, continues to trade in a downtrend after its Total Value Locked (TVL) fell 30% in three months.

At Dash (DASH), the number of addresses with at least 1,000 tokens fell to 5,210, the lowest level since July 2018.

Tether and the futures market are moving sideways

The Premium OKEx Tether (USDT), which measures the difference between peer-to-peer (P2P) transactions in China and the official dollar currency, has improved slightly.

OKEx USDT Peer Premium vs USD | Source: OKEx

The indicator at 99% is neutral to bearish and signals weak demand for cash in stablecoins from traders, but it’s still a significant improvement from the 5% decline in mid-October.

Additionally, the aggregate open interest (OI) of crypto futures contracts remained steady at nearly $ 50 billion, 10% below the all-time high (ATH). It’s worth noting that falling open interest doesn’t necessarily mean falling prices, but holding a certain level suggests that more liquidity providers and market makers are entering the market.

OI Summary for Cryptocurrency Futures | Source: Coinglass.com

The open interest of futures is pretty decent given the nearly $ 2 billion worth of liquidations that happened during the week. Total crypto market cap declined 10% to $ 2.370 billion on November 25, and 44% of futures contracts were invalidated.

The above data may not look interesting, but with Bitcoin and Ether both rallying on November 29, the previous day’s rebound could suggest that a two-week correction may be over.

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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

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