By Best Owie
November has been a good month for both bitcoin and altcoins. Some have done better than others though. The altcoin market has seen tremendous growth in just the first week of the month, with the top altcoins recording growth up to 50%. This has pushed both the small, mid, and large cap indexes as coins continue to trade in the green.
Bitcoin has made quite a show in the market. The pioneer cryptocurrency had hit a new all-time high again in November after it broke through $68,000 for the first time, setting a new value record. It, alongside the indexes, has shown that there is nothing that is impossible in the market. If anything, time is the only factor when it comes to how much these cryptocurrencies have grown.
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Large Cap Index Leading The Pack
The Large Cap Index saw the most success from the market rally in November. Solana, Binance Coin, and Cardano all saw massive gains from the past week alone. Cardano had rallied 10% on Tuesday to flip Solana for 4th place on the cryptocurrency top 10. This had pushed the Large Cap Index in terms of gains, making it the top gainer in the previous week.
Solana, Binance lead large cap altcoins | Source: Arcane Research
Small and Mid Cap Indexes saw some gains that drove their values up in the past week but came short of following the trend of Bitcoin and Large Cap Index. Small Cap Index recorded a 6% growth in the first week. Returning less than double gains compare to the Large Cap Index, which saw up to 15% in performance. Mid Cap Index was identical to Small Cap Index with only a 6% performance for the first week of November.
Altcoins were some of the top gainers. However, the large cap altcoins outperformed both bitcoin and smaller indexes. Smart contracts platforms gave the biggest boost to the Large Cap Index. Solana, Cardano, and Binance topped the list with their returns.
BTC surges towards new all-time high | Source: BTCUSD on TradingView.com
Bitcoin Holds Up Against Altcoins
Bitcoin has also held up against altcoins in the past week. The digital asset has seen one of the best runs and has joined the ranks of cryptocurrencies raking in new all-time highs. For the past week, the performance of bitcoin was 10%. Smaller than the Large Cap Index, but higher than both small and mid cap indices.
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Bitcoin has also maintained dominance over altcoins in the past week. BTC dominance has been down after altcoins had taken market share from the top coin. However, BTC dominance is back up. Up 1.4% to 43.7% from its low of 42% on November 7th.
Bitcoin may not be the top gainer in the crypto space right now but it has maintained its title as a market mover. Most altcoins began to rally after BTC had started on its most recent uptrend. The asset is now consolidating under its all-time high of $68,400.
Featured image from The Conversation, chart from TradingView.com