As the price of Bitcoin approaches $37,000, altcoins receive double-digit gains

Cryptocurrency prices soared on June 29th because Bitcoin (Bitcoin) The price broke the resistance level of $35,000, increasing the total market value by $93 billion, of which $50 billion poured into altcoins.

Bitcoin rose 7% that day and rebounded to more than $36,000, causing traders to expect to rebound to the level of $38,000 to $41,000 if (Bitcoin) Can turn the $35,000 level into support.

Daily cryptocurrency market performance. source: Coin 360

As the market turns green, data comes from Cointelegraph Markets Pro Tracked the significant bullish development of many selected altcoins, including Polygon (MATIC), SushiSwap (SUSHI) and PancakeSwap (CAKE).

Polygon (MATIC)

The first token that has received attention recently is Polygon (MATIC), a type of Ethereum (Ethereum) The second layer of the network solution. Since BTC fell below US$29,000 on June 22, its price has risen by 35% since its low of US$0.93 on June 22.

VORTECS™ data comes from Cointelegraph Markets Pro Before the recent price increase, a bullish outlook for MATIC was detected on June 27th.

VORTECS™ score (green) and MATIC price. source: Cointelegraph Markets Pro

As shown in the figure above, the VORTECS™ score of MATIC reached 80 on June 27 and turned green. At that time, the price of MATIC began to rise from US$1.03 to US$1.25 in the next 48 hours, an increase of 21%.

The NewsQuake™ alert system caught the news of the listing of MATIC on OKEx on June 28, and then the VORTECS™ score rose to a high of 91 on June 29, and the price increased by 10%.

Sushi Exchange (Sushi)

After the asset’s VORTECS™ score turned bullish, SushiSwap (SUSHI) was also identified by Cointelegraph Markets Pro as a strong promoter.

VORTECS™ score (green) and SUSHI price. source: Cointelegraph Markets Pro

As shown in the figure above, SUSHI’s market conditions have been favorable for some time. Its VORTECS™ score turned dark green on June 27 and received 80 points, and this was only before the price rose 30% from US$6.47 to US$8.45 Four hours. The next two days. The price of SUSHI is now 42% higher than the June 22 low of $3.96.

Pancake Exchange (cake)

Data from Cointelegraph Markets Pro It also shows that the VORTECS™ score of PancakeSwap (CAKE) is bullish, which is an automated market maker and decentralized exchange based on the Binance smart chain.

VORTECS™ score (green) and cake price. source: Cointelegraph Markets Pro

As shown in the figure above, CAKE’s VORTECS™ score has been in the green state for most of the past week. The score on June 27 was 72, approximately when its price started to rise from $11.83 by 21% to five hours ago. The hour is $14.44 for the next two days. The price of CAKE is now 50% higher than the June 22 low of $9.64.

Bitcoin breaks through $36,000

The strength of the altcoin market in the past two days is largely due to the strong performance of Bitcoin. Bitcoin finally broke through the resistance level of $35,000 and is currently trading at $36,400.

BTC/USDT 4-hour chart. source: Transaction view

Data from Cointelegraph Markets Pro with Transaction view It shows that after trading between US$35,300 and US$33,850 on Monday, the price of Bitcoin rose 6.65% from a low of US$34,200 to an intraday high of US$36,509 on Tuesday.

Traders are now setting their sights on the resistance level of $41,000 as the next obstacle to overcome in the short term.

The overall cryptocurrency market value is now 1.48 trillion U.S. dollars, and Bitcoin’s dominance rate is 46.1%.

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