Altcoins including Ethereum (CRYPTO: ETH) were buoyant Tuesday evening as the global cryptocurrency market capitalization increased 1.24% to $2.65 trillion.
What Happened: The second-largest cryptocurrency by market cap rose 5.86% to $4,706.67 over 24 hours. For the week, ETH is up 7.63%.
Bitcoin (CRYPTO: BTC) was relatively flat. It declined by 0.32% over 24 hours to $57,401.26 over 24 hours. Over a seven-day period, the apex coin has fallen 0.58%.
Also flat was the meme cryptocurrency Dogecoin (CRYPTO: DOGE), which rose 0.03% to $0.22 over 24 hours. Over the last seven days, it has fallen 4.5%.
Self-described DOGE killer Shiba Inu rose 9.53% over 24 hours to $0.00004795 over 24 hours. It has risen 14.3% over the week. SHIB was among the top four top performers over the period, as per CoinMarketCap data.
The three coins that rose the most over 24 hours were Stacks, Terra, and Voyager Token. Stacks shot up 33.42% to $3.01, Terra gained 11.96% to $57.36, while Voyager Token rose 11.56% to $4.70.
See Also: How To Buy Ethereum (ETH)
Why It Matters: Ethereum and a number of other altcoins outperformed Bitcoin over 24 hours building up buzz around them.
Cryptocurrency trader Michaël Van De Poppe tweeted that the first quarter of 2022 “will be explosive” in relation to altcoins.
People ask me; when are #altcoins going to run?
Well, if history repeats itself, Q1 2022 will be explosive.
— Michaël van de Poppe (@CryptoMichNL) November 30, 2021
The strength exhibited by ETH and Binance Coin was noted by independent analytics firm Delphi Digital, which said these were the coins “buyers are most interested in.”
“If and when the tide turns in favor of the bulls, these coins are likely to outperform other mega caps in the top 10,” wrote Delphi Digital in an emailed note.
Chart Indicating Normalized Price Action Of Top 10 Cryptocurrency Assets — Courtesy Delphi Digital
A measure of implied volatility on a 30-day forward basis, DVOL index, has reduced in the recent days, as per Delphi Digital. The index rises in periods of upheavals such as the current coronavirus-related apprehensions.
Chart Tracking Implied Volatility — Courtesy Delphi Digital
Meanwhile, Bitcoin technicals appear to be healthy and it maybe on its way to retest the all-time high, noted Marcus Sotiriou, a sales trader at GlobalBlock, a United Kingdom-based digital asset broker.
“Bitcoin appears to be forming a falling wedge pattern which is historically bullish and has a higher probability of breaking to the upside than the downside,” noted Sotiriou in a note seen by Benzinga.
BTC/USD Chart Analyzed By Marcus Sotiriou — Courtesy GlobalBlock
Sotiriou noted that the weekend rebound was driven by spot market and not leverage, which points to the market’s “healthy condition.”