Cryptocurrency News

Altcoin rises when bitcoin and Ethereum price stop near key levels

On May 26, the bullish momentum that drove bitcoin and altcoins into a relief rally was somewhat dampened as traders are unsure of what might happen next.

after a Morning try To drive by bitcoin bulls (B T c) The price above $ 40,000 faced stiff resistance, digital assets lost momentum and returned to the support level of $ 38,000.

BTC / USDT 4-Hour Chart. Source: Trading view

Despite the continued struggle, some positive signs such as a decline in BTC exchange deposits and an uptrend in Bitcoin deposit addresses suggest that Bears have stopped selling And the worst phase of the recession can pass.

Earlier in the day, ether (ETH) Also reached near the $ 3,000 level, but the top altcoin fell below $ 2,800 due to the BTC price drop.

Polygon leads altcoin charge

While most cryptocurrencies are well below the recently established highs, the price of polygon (MATIC) has dampened this trend by demanding a clear V-shaped recovery. Altcoin rose more today as soon as the project announced Launch its SDK Stacks that will allow developers to easily deploy their own Ethereum-linked blockchain.

MATIC / USDT 4-Hour Chart. Source: Trading view

Since May 25, MATIC prices have risen 50% from a low of $ 1.51 to an intraday high of $ 2.44 on May 26.

According to the figures of Coin Telegraph Market ProThe market conditions for MATIC have been favorable for some time.

The VORTECS ™ score is an algorithmic comparison of historical and current market conditions, exclusive to Cointegraph, derived from a combination of data points, including market sentiment, trading volume, recent price movements, and Twitter activity.

VORTECS ™ score (green) vs. MATIC value. Source: Coin Telegraph Market Pro

As seen in the chart above, the VORTECS ™ score for MATIC has been in the green zone for most of the past week and it recorded a high of 94 multiple times on 25 May, which is 50 more than the next. % Was about seven hours before rising. day.

Other notable altcoin demonstrations include a 89% gain for SKALE Networks (SKL) and a 67% rally from Enjin Coin (ENJ). The original protocol also increased by 53%.

Daily cryptocurrency market performance. Source: Coin360

The total cryptocurrency market cap is now $ 1.7 trillion and the dominance rate of bitcoin is 42.5%.

The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Every investment and business move involves risk, you must do your own research when making decisions.