The crypto market is experiencing a cooling-off period during the US Thanksgiving holiday, with bitcoin retreating from its recent high of $99,500 to around $91,000. This pullback is attributed to profit-taking and the influence of put options at critical resistance levels. However, despite the dip, optimism remains high due to positive regulatory developments and growing institutional interest.

In addition to bitcoin, the NFT market is seeing a resurgence, with floor prices for the top 100 NFT collections rising by an average of 28% in November. The increase in NFT interest often correlates with surging bitcoin interest.

Stablecoins are solidifying their role as the backbone of the crypto market, with a market capitalization of $190 billion in November. Tether (USDT) maintains its dominance with a nearly 70% market share, while USD Coin (USDC) reaches its highest market cap since February 2023.

Attention has shifted to other major cryptocurrencies like Solana (SOL) and smaller crypto assets as bitcoin enters a corrective phase. Solana experienced a record high of $264 last week and is gaining traction due to its user engagement and revenue generation compared to Ethereum.

Overall, the crypto market is watching for bitcoin's next move, regulatory developments, and signs of mainstream adoption. The market is expected to continue its cycles of growth, correction, and reinvention.



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