Altcoins popping as Bitcoin searches for support near $ 50,000

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Bitcoin (BTC) continues to seek direction, but when that happened, Ether (ETH) and Altcoins rebounded more strongly after the sell-off on Thursday. Dogecoin (DOGE) shocked investors with its 47% rally that began after Coinbase announced it would list DOGE in the coming months. DOGE’s price also rose after Elon Musk tweeted that he was “working with Doge developers to improve the efficiency of system transactions. Potentially promising. “

While many altcoins posted double-digit gains during the recovery, the price of Bitcoin has continued to drop near the $ 50,000 level as wallets with at least 1,000 BTC are down 4.7% month-on-month, indicating possible profit-taking or a indicates rotation in different assets.

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Data from Cointelegraph Markets and TradingView show that while demand for ether was subdued, demand for ether rallied 18% as the altcoin hit an intraday high of $ 4,173 on Friday.

ETH / USDT 4-hour chart. Source: TradingView

The gains in the top altcoin are due to mixed fundamentals. Data from Glassnode shows that wallets with at least 32 ETH have been steadily declining over the past few months, suggesting fewer people are interested in becoming “full validators” for the network’s upcoming evidence. of stake blockchain.

Altcoins rally higher

While the debate about whether or not the market is officially going into an off-season continues, one of its hallmarks is a sideways trade in bitcoin, causing traders to turn their attention back to the altcoin market and a decline in bitcoin – Lead dominance.

Percentage of total market cap dominance. Source: CoinMarketCap

One of the breakout stars of 2021 is Polygon (MATIC), the price of which has increased 60% in the past 24 hours and hit a new record high at $ 1.75.

Another project, the price of which rose 45% from lows on Thursday, is iExec RLC (RLC), a decentralized cloud computing network that started the week after Coinbase announced it would list the token, got an adrenaline rush.

Other notable accomplishments include an 80% increase in Ergo Price (ERG) and a 48% increase in Sora Price (XOR), bringing the price of the token back above $ 800.

Daily market performance in cryptocurrencies. Source: Coin360

The total market cap for cryptocurrencies is now $ 2.307 trillion, and Bitcoin’s dominance rate is 40.3%.

The views and opinions expressed are those of the author only and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading step is associated with risks. You should do your own research when making a decision.