Altcoins are rising while Bitcoin and Ethereum prices remain near key levels


On May 26, the bullish momentum that drove Bitcoin and Altcoins to a relief rally was a bit muted as traders aren’t sure what might happen next.

After an early morning attempt by the bitcoin bulls to push the price (BTC) above $ 40,000, the digital asset lost momentum and fell back to the support level of $ 38,000.

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BTC / USDT 4 hour chart. Source: TradingView

Despite the ongoing battle, some positive signs such as a decline in BTC forex deposits and an upward trend in Bitcoin addresses suggest that the bears are no longer selling and the worst of the downturn may be over.

Earlier in the day, Ether (ETH) also rebounded close to the $ 3,000 level, but the drop in BTC price caused the highest altcoin to drop below $ 2,800.

Polygon leads the altcoin fee

While much of cryptocurrencies are well below recently set highs, Polygon (MATIC) price bucked the trend by aiming for a significant V-shaped rebound. The altcoin gained today as the project announced the launch of its SDK stack, which will allow developers to easily deploy their own blockchains connected to Ethereum.

MATIC / USDT 4-hour chart. Source: TradingView

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

According to Cointelegraph Markets Pro, market conditions have been favorable for MATIC for some time.

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

VORTECS ™ Score (green) vs. MATIC price. Source: Cointelegraph Markets Pro

As can be seen in the table above, the VORTECS ™ Score for MATIC was in the green zone for most of the past week, hitting 94 multiple times on May 25, about seven hours before the price rose 50% next year. rose day.

Other notable altcoin accomplishments include a 89% gain for SKALE Network (SKL) and a 67% rally for Enjin Coin (ENJ). The Origin protocol also gained 53%.

Daily market performance in cryptocurrencies. Source: Coin360

The market cap for cryptocurrencies is now $ 1.7 trillion, and Bitcoin’s dominance rate is 42.5%.

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