Altcoins are “green” again when Bitcoin “finds the sky” $ 50,000

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2021-05-15 07:38:11

The bulls struggle to push BTC price above $50,000 while ADA, MATIC, and other large-cap altcoins are posting double-digit gains.

Bitcoin (BTC) continues to find direction but when this happens, Ethereum and altcoins have been moving higher since the May 13 sell-off. Dogecoin has shocked investors with a 47% gain that started after Coinbase announced that it will list (DOGE) in the coming months. The Doge price also increased after Elon Musk tweeted that he was “Working with Doge developers to improve the trading efficiency of the system. Has promising potential.”

While many altcoins have seen double-digit gains during the recovery, Bitcoin (BTC) price continues to weaken near $50,000 as whale wallets containing at least 1,000 BTC have dropped 4.7% month-on-month. , indicating the possibility of taking profits or rolling into different assets.

Data from Cointelegraph Markets and TradingView shows that while Bitcoin’s rally has stalled, demand for Ethereum (ETH) has led to an 18 percent increase as the altcoin hit an intraday high at $4,173 on Wednesday. May 14th.

The uptick from top altcoins comes amid mixed fundamental development, with data from Glassnode showing that wallets holding at least 32 ETH have been steadily declining in recent months suggesting that few people are interested in the cryptocurrency. becoming the “full validator” for this blockchain network’s upcoming proof-of-stake.

Altcoins are going higher

While the debate is over whether the market will officially undergo a wave of change, one of the characteristics is that Bitcoin trades sideways which leads traders to refocus their attention on the market. altcoin market and led to the decline of Bitcoin (Bitcoin Dominance) dominance.

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

Another project with a 45% increase in price from the lows on May 13 is iExec RLC (RLC), a decentralized cloud computing network that received an adrenaline rush earlier in the week after Coinbase revealed that they will list the token.

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

The overall crypto market cap is currently $2.307 trillion and Bitcoin dominance is 40.3%.

CHK aggregated

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