The cryptocurrency market was largely in a sea of red this week amid profit taking following recent stellar gains. Over the weekend, a reversal was in play, but the market continued to witness volatility.
The Week That Was In The Crypto Realm: Bitcoin (CRYPTO: BTC), which climbed to an all-time high of $68,789.63 on Nov. 10, declined about 19% to a low of $55,705.18 on Nov. 19, signaling that the most valued crypto is currently in correction territory. Just as it was threatening to break below a level that could send Bitcoin into bear market territory, support has emerged.
Popular meme coins Doge (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) also went down with the overall crypto market. Doge plummeted to a low of $0.216099, a level not seen since early October. Shiba Inu, its sibling, dropped to a low of $0.000041 on Thursday but has since recovered.
The standouts, however, were metaverse-linked currencies. Decentraland’s Mana (CRYPTO: MANA), Sandbox (CRYPTO: SAND), Enjin Coin (CRYPTO: ENJ) and WAX (CRYPTO: WAXPP) all notched up strong gains.
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Avalanche, Crypto.com Lead Recovery: The cryptocurrency market is seeing a modest recovery heading into the weekend. Bitcoin is up modestly and is trading around the $58,000 mark.
The standouts among the altcoins are Crypto.com (CRYPTO: CRD), which is up over 4%, and Avalanche (CRYPTO: AVAX), which is advancing over 8%.
Meanwhile, Shiba Inu, which saw some strength on Friday, is pulling back, as it fails to convincingly break above a resistance around $0.000049. Doge has not gained much traction either.
As we head into the year-end, it remains to be seen whether cryptocurrencies can pick up the lost momentum and race to a record finish.
At last check, Bitcoin was up 0.12% at $57,882.43.
Avalanche was gaining 8.56% to $119.11.
Crypto.com was adding 4.39% to $0.549159.
Shiba Inu was retreating 10.76% to $0.000046.
Doge was moving down 2.23% to $0.227369.
Related Link: What Is Bitcoin
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