Originally published on: December 17, 2021
On December 17, Bitcoin bulls faced another setback as the price plummeted to $45,500 before bouncing back to $47,000. This volatility suggests potential downside ahead for the leading cryptocurrency.
Despite this market turbulence, some altcoins like Yearn.finance (YFI), Hxro (HXRO), and Arweave (AR) stood out with impressive gains. Yearn.finance, a DeFi aggregator service, saw its price surge by 56.48% to $29,488 after hitting a low of $18,844 on December 15. The project’s buyback initiatives and improved tokenomics have fueled this rally.
Hxro, a cryptocurrency options trading platform, experienced a price spike following a bullish outlook detected by VORTECS™ data. This surge was further supported by the co-founder’s appearance on a popular podcast discussing the future of Bitcoin.
Similarly, Arweave, a decentralized storage network, witnessed a price jump of 40.78% after its transaction count hit a new all-time high. These developments underline the growing potential of alternative cryptocurrencies in the market.
With the overall cryptocurrency market cap at $2.192 trillion, it’s clear that altcoins are gaining traction despite Bitcoin’s dominance. Investors are advised to conduct thorough research before making any investment decisions in this volatile market.
For more insights on emerging trends and opportunities in the markets, subscribe to our Markets Outlook newsletter. Stay informed and stay ahead in the world of cryptocurrency trading.
