Altcoins spikes while Bitcoin looks for support near $50,000

While many altcoins have seen double-digit gains during the recovery, Bitcoin has continued to languish near the $50,000 level.

Altcoins spikes while Bitcoin looks for support near $50,000

Ether with all other altcoins bounced higher from May 13 meanwhile Bitcoin continues to look for upside but as this occurred. 

Data from the crypto market shows that while the Bitcoin recovery has been muted, demand for Ether (ETH) led to an 18% rally as the altcoin notched an intraday high at $4,173 on May 14. 

Dogecoin surprised the market with its 47% rally that kicked off after Coinbase announced that it would list (DOGE) in the coming months. Doge price also rallied after Elon Musk tweeted that he was “Working with Doge devs to improve system transaction efficiency. Potentially promising.”

Gains in the top altcoin come amidst mixed fundamental developments, with data from Glassnode showing that wallets holding at least 32 ETH have been steadily declining in recent months suggesting that fewer people are interested in becoming “full validators” for the network's upcoming proof-of-stake blockchain.

As the debate about whether or not the market is officially experiencing an alt season rages on, one of its trademark characteristics is a sideways trading Bitcoin that leads to traders refocusing their attention on the altcoin market leading to a decline in Bitcoin dominance.

During the so-called “alt season,” one of the breakout stars of 2021 is Polygon (MATIC), which has seen its price rally 60% over the past 24-hours to reach a new record high at $1.75.

Another project whose price surged 45% from the lows on May 13 is iExec RLC (RLC), a decentralized cloud computing network that got a boost of adrenaline earlier in the week after Coinbase revealed that it would list the token.

Other notable performances include an 80% increase in the price of Ergo (ERG) and a 48% increase in the price of Sora (XOR) which lifted the token's price back above $800.

The overall cryptocurrency market cap now stands at $2.314 trillion and Bitcoin’s dominance rate is roughly around 40%.

What's Your Reaction?

like
0
dislike
0
love
0
funny
0
angry
0
sad
0
wow
0