Bitcoin and ether appreciation is around 8% in the last hours. Bitcoin improved its position on the appreciation of altcoins.

The cryptocurrency market experienced a recovery this November 29 with about USD 180,000 million in its market capitalization, after a rally in bitcoin and Ethereum this Sunday night. The registered boom could get associated with medical reports from South Africa related to the Omicron variant of Covid.

The information highlights that the symptoms of this new variant so far have been extremely mild.

Bitcoin went through a drop last Thursday that sent the price to a low of $ 53,572 this Sunday. However, fears that the new variant of Covid could lead to a new global wave of infection began to dissipate when doctors who gave the initial alert declared that they had registered milder symptoms than expected.

This information got stated to the BBC by Dr. Angelique Coetzee, the first to detect the Omicron variant.

Starting at 7:00 p.m. (UTC) on Sunday, after the clarification revealed in the media, a rebound took place and sent the price to at least USD 57,895 in a few hours. An appreciation of 8.07% subsequently took place after a moderate price pullback, with BTC now trading at $ 57,404.

The market capitalization of bitcoin reached a high peak that started from USD 1.01 trillion to USD 1.09 trillion, while the total market capitalization of cryptocurrencies increased by USD 181,764 million.

The total market value of cryptocurrencies, which reached a figure that circles $ 2.73 trillion at its highest point on Monday, fell to $ 2.56.For its part, the cryptocurrency of Ethereum (ETH) registered a subsequent growth in the last hours from USD 4,008 to USD 4,364, which represents a boost of 8.8%.

Bitcoin Gains Ground Against Altcoins

In the notorious push of the cryptocurrency market last October, bitcoin lost its position to altcoins concerning its market appreciation. According to an analysis studying the performance of the top 50 cryptocurrencies in the last 90 days, bitcoin ranked among the lowest appreciation as of September 20. Altcoins reached the so-called altcoin season on that date, in which at least 75% of cryptocurrencies outperformed bitcoin.

Currently, bitcoin’s performance has improved on this appreciation scale and is only surpassed by 50% of cryptocurrencies. Bitcoin gets ranked 22, with an appreciation of 26.3% in the last 90 days. ETH ranks in 20th place, with a 31.6% improvement in its return.

Since last November 10, when bitcoin marked its most recent all-time high, the maximum drop recorded until this Sunday was 22%. In mid-April, the most relevant correction of this year began, which was 56%.

By: Jenson Nuñez

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