Bitcoin (BTC) Consolidates at $93K, Altcoins Try to Break Out (Market Watch)

Bitcoin (BTC) has stabilized around $93,000 after a period of a downtrend in recent days.

Meanwhile, numerous alternative coins have entered green territory today (November 27). Some of the notable gainers include Stellar (XLM), Avalanche (AVAX), Cardano (ADA), and more.

Is BTC Aiming at $100K Again?

The past few days have not been kind to the primary cryptocurrency, whose price nosedived from almost $100,000 on November 22 to approximately $90,700 on November 26. Interestingly, the pullback coincided with some bullish developments, such as MicroStrategy’s record purchase of a whopping 55,500 BTC (equaling around $5.4 billion).

In the past 24 hours, though, the bulls have managed to recover some of the lost ground, pushing the asset’s valuation above $93,000 (a level that has been maintained for the last several hours).

It will be interesting to see if BTC will try another attempt toward the psychological mark of $100K or if the correction will last a bit longer.

Meanwhile, the asset’s market cap has dropped to $1.85 trillion (per CoinGecko’s data). However, BTC’s dominance over the altcoins remains above 57%.

Alts on the Move

Unlike Bitcoin, some alternative coins have witnessed substantial price increases on a 24-hour scale. Stellar (XLM) continues to stun the crypto community, registering a fresh 8% resurgence and reclaiming $0.50. Avalanche (AVAX) and Cardano (ADA) have also performed quite well, with gains of 6% and 4%, respectively.

Ripple’s XRP is part of the club, too, albeit seeing a more modest rally of around 2%. At the same time, its price is up almost 180% in the last month thanks to some important developments such as Trump’s win in the US presidential elections and Gary Gensler’s (the Chairman of the US SEC) announcement to vacate his post in January next year.

Other well-known altcoins registering mild pumps in the last 24 hours include Ethereum (ETH), Tron (TRX), Polkadot (DOT), Shiba Inu (SHIB), Litecoin (LTC), and others.

The total market capitalization of the crypto sector currently stands at $3.36 trillion, representing a 1% drop from November 26.

Source