Key data points suggest the crypto market’s short-term correction is over

Key data points suggest the crypto market’s short-term correction is over

The performance of cryptocurrencies in the past seven days might have seemed slightly unexciting, especially since the total market capitalization increased by “only” 1.8% to reach $2.7 trillion. However, even with the muted price action, some altcoins managed a decent rally. Bitcoin (BTC), on the other hand, was down 6% until Nov. 28, but it still managed to close the week up 1.5% after a $3,200 rally that night.

Winners and losers from the top 80 coins. Source: Nomics

The metaverse sector continued to outperform with Gala (GALA), The Sandbox (SAND) and Decentraland (MANA) among the top five gainers. While few play-to-earn and metaverse “environments” are available for true interaction, major news and partnerships are still boosting these metaverse-related token valuations.

OKEx USDT peer-to-peer premium vs. USD. Source: OKEx
Total crypto aggregated futures open interest. Source: Coinglass.com

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