Bitcoin, Ethereum, Dogecoin Get Outperformed By Altcoins As Crypto Market Sees Mild Recovery
The global cryptocurrency market capitalization was up 1.24% at $1.41 trillion on Sunday night as major cryptocurrencies like Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) fell behind altcoins in gains.
What Happened: BTC traded 1.81% higher at $34,256.47 over 24 hours at press time. The apex cryptocurrency traded 2.06% lower for the week.
ETH traded 1.08% higher at $2,138.17. ETH traded 0.71% lower against BTC in the same period. The second-largest cryptocurrency by market cap has plunged 7.8% for the week.
Dogecoin (CRYPTO: DOGE) was up 0.3% at $0.215 over 24 hours. The meme coin has declined 11.7% over a seven-day trailing period.
See Also: How To Buy Dogecoin (DOGE)
DOGE traded 0.83% and 0.12% lower against BTC and ETH respectively.
Synthetix (CRYPTO: SNX), the token of the eponymous decentralized finance or DeFi protocol, traded 14.88% higher at $12.72 over 24 hours, among major gainers. Over a week, SNX gained 46.72%.
SNX is up 12.96% and 13.72% against BTC and ETH, respectively.
Other notable gainers on Sunday night included KuCoinToken (CRYPTO: KCS), which has shot up 82.34% over the week. Over a 24-hour period, KCS was up 9.5% at $13.96.
Nano (CRYPTO: NANO) and Crypto.com Coin (CRYPTO: CRO) also shot up over 24 hours gaining 10.66% and 8.71% at $4.80 and $0.13 respectively.
Why It Matters: The Market Value to Realized Value (MVRV) — an asset’s market capitalization divided by realized capitalization — has not yet reached the high levels that are seen before profit-taking, implying there are unrealized gains for capitalization for traders, reported CoinDesk.
Another metric, the Puell Multiple — which is the total dollar value of Bitcoin mined in a single day divided by the cryptocurrency’s 365-day moving average — has fallen to a one-year low in recent days and is an indicator that BTC is undervalued, as per CoinDesk.
Even so, Bitcoin and other cryptocurrencies are increasingly under regulatory scrutiny worldwide, which according to UBS’s global wealth management division could pop the “bubble-like” markets.
Last week, the People’s Bank of China’s Deputy Governor Fan Yifei said that the regulator was already taking measures against cryptocurrency.
Europe and West African countries were also reportedly stepping up their scrutiny of cryptocurrencies.