Finding Top (and Bottom) Markers in the Latest Altcoin Fiesta

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Ibis
Nov 11, 2020

Biden victory, Pfizer vaccine or just some good old autumn accumulation - whatever the case, the crypto market has surged anew, its combined market cap up by +12.7% over the past 7 days.


The latest market-wide recovery comes on the back of a declining correlation between Bitcoin and the S&P 500 index (recently dropping to 0% before a slight bounceback), fanning hopes of renewed autonomy of the benchmark crypto after months of playing bosom buddies with Wall Street.


In other words, it looks like the bulls are out to play once again and the market feels ready for fast and decisive moves - in either direction.


And with the toppest of top caps (BTC and ETH) stuck in a fairly tight range to start the week, the crowd's attention - and eager money - has shifted to alts, urging a

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