Market summary: Analysts expect Bitcoin to achieve positive growth in December

Bitcoin was still in a narrow range of $ 55,000 and $ 58,000 on Wednesday, with some analysts predicting sentiment to return this month given how well the season has gone.

The Bitcoin Fear and Prejudice Index entered the "horror" zone during a sell off last week. The gauge was at its lowest level since late September, before the price of BTC rebounded. Additionally, metrics have started to rise from the oversold level as the retracement rate remains limited.

FxPro analyst Alex Kuptsikevich said in an email to CoinDesk: November fix during key management support levels. "

Kupsikevich writes: "Now it looks like the renovation and remediation is done and Ethereum seems to be rewriting its lofty history."

weekly reminder

Litecoin (LTC) and ETHer (ETH) outperform CoinDesk 20, including some of the largest cryptocurrencies by market cap. Bitcoin fell 9% last month, while Cardano and Dogecoin's ADA token (DOGE) fell 20% over the same period.

In addition to the tokens paid by CoinDesk 20, the Metaverse token also received a major boost in November. Arcane Research reports that Decentraland's MANA token has risen 70% over the past month, leading to a total increase in the price of small-cap tokens.

Arcane Research has confirmed that "7 of the top 10 tokens in the stock market have a negative weekly exchange rate in the stock market. This means a small amount of money caught up by larger trading gains."

In addition, after the Ethereum blockchain network was updated in early August, the 1st token also increased. “High oil prices on the ETH chain are now the norm,” Delta Exchange CEO Pankaj Balani said in an email to CoinDesk.

“This will force participants to look to other leading industries for cheaper and faster operations on CeFi (centralized finance) and DeFi (decentralized finance) platforms,” Balani said. , "He wrote.

Bitcoin to show performance in December

The graph below shows the average monthly yield of Bitcoin. Overall, BTC delivered positive gains in the fourth quarter, so some investors still expect the overall crypto market to rise at the end of the year. However, according to seasonal data, the upside potential for BTC will be limited as January appears to be negative.

Presentation of Altcoins

DEX Aggregator 1inch raised US $ 175 million in Series B funding. According to CoinDesk's Andrew Thurman, the last financial firm in the 1inch network was run by Amber Group and involved more than 50 investors. 1inch co-founder Sergej Kunz pointed out that 1inch has already completed the $ 12 million and $ 2.8 million funding round, with the aim of using the new funds to provide stakeholders experience in construction. The list of well-known retailers includes Alameda Research, Celsius, Jane Street, and VanEck.

21Shares, a digital asset management company, has announced the launch of its Polygon exchange. Lyllah Ledesma of CoinDesk reported that the news resulted in a 16% increase in MATIC tokens on the Ethereum side chain on Wednesday afternoon. 21Shares' ETP was renamed and the company described it as the first European product to be linked to MATIC performance. The price of the Polygon MATIC recently hit around $ 2.05, well below the high of $ 3 in May.

SAND and MANA are the biggest winners for November. The hype over the unprofitable "meta-advantage" price has been fueled by interest from cryptocurrency and Wall Street traders, with Sandbox's SAND, Decentraland's MANA, and other tokens leveling off. record in November. proliferating ahead of the price hike, Facebook announced in October that it would switch roles for meta, with a new role "to make the meta world brighter."