Crypto market update: Bitcoin stalls, stablecoins and NFTs surge
As Bitcoin struggles to maintain its upward trajectory toward $100,000, the crypto market exhibits signs of a cooling-off period, often seen during the Thanksgiving holiday. Bitcoin briefly reached $99,500 before retreating to around $91,000, a pullback attributed to profit-taking and the cyclical volatility of crypto assets. Despite this fluctuation, market sentiment remains optimistic due to shifting political support for crypto and increased institutional interest. The NFT market is witnessing a resurgence, with floor prices for leading collections rising by an average of 28% this month, driven by interest in NFTs that offer real-world utility. Stablecoins also play a crucial role, with their market cap exceeding $190 billion, marking significant growth, particularly for USDT and USDC. In the wake of Bitcoin's correction, attention is shifting to other cryptocurrencies like Solana, which has surged, demonstrating the growing importance of altcoins in the market.
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