A fiery red day for altcoins, but this crypto is still rising fast

It’s a bad start to the week for many crypto investors. Last night the entire crypto market actually fell sharply. Bitcoin fell at least 6.5%, but altcoins like Cardano (ADA) and Solana (SOL) were briefly down more than 10%. Fortunately, this significant decline recovered and stabilized somewhat throughout the day. Nevertheless, the market is still bright red today.

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View of the market

The total market capitalization of the entire crypto market fell by 3.36% to $1.58 trillion in the last 24 hours. The trading volume initially rose to $74.66 billion. According to CoinMarketCap, this represents a significant increase of 46% compared to the previous day.

The king of cryptocurrencies is priced at $42,250 at the time of writing. This is a 5.14% increase from the low of $40,200 on ByBit hit around 2am last night. This means that around half of the relatively strong slump has already been made up. Bitcoin dominance, the share of the overall market held by BTC, has remained roughly the same, down 0.16%

Due to BTC’s sharp downward move, altcoins also fell. And these were actually almost exclusively large and small coins. But a significant portion of the altcoins have also recovered from the sharp decline.

At the same time, the mood seems to have been hardly affected. According to the Bitcoin Fear & Greed Index, investors and traders remain very optimistic about possible further increases. After all, a correction after a sharp rise like we saw recently is not uncommon.

The Bitcoin Fear and Greed Index is at 74. Greed
Current price: $42,382 pic.twitter.com/C0dcCggt2P

– Bitcoin Fear and Greed Index (@BitcoinFear) December 11, 2023

The Toughest Crypto Climbers

Nevertheless, it remains a red day in crypto land. If we look at the altcoins, almost every altcoin is still in the red this afternoon, some even in double digits. However, there are some exceptions to note. Leading the way among the fastest risers today is Injective (INJ) with an increase of no less than 21.7%. Injective even set an annual record with this increase. Impressive when you consider the current state of the crypto market.

$INJ

Injective did it

The last major resistance was reached again before the new all-time high and price detection mode

All that needs to be done is to recapture this red resistance as support to reach new all-time highs

Until then, INJ will remain in the orange-red zone#INJ #Crypto #Injective pic.twitter.com/yeLWRO14n3

— Rekt Capital (@rektcapital) December 11, 2023

In second place is Synthetix (SNX) with a price increase of almost 13% and in third place we see Immutable (IMX) with an increase of 11%. There are certainly no truly extraordinary increases anymore today.

The Hardest Crypto Opponents

The strongest objectors today actually see no real outliers. The overwhelming majority of the altcoin market is in the red today, but the damage is actually not all that great. For example, FTX Token (FTT) is leading today with a drop of exactly 10% and is the biggest loser. In second place we see The Sandbox (SAND), which is down 9.46% and we close with Decentraland (MANA); decreased by 9.25%