When Bitcoin and Ethereum prices stopped near key levels, Altcoins surged

On May 26, the bullish momentum that pushed Bitcoin and altcoins into the relief rally weakened, as traders were still not sure what would happen next.

after that Early morning try Driven by Bitcoin bullsBitcoin) Prices above $40,000 encountered strong resistance, and the digital asset lost momentum and fell to the support level of $38,000.

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

Although the struggle continues, some positive signs, such as the decrease in BTC exchange deposits and the rising trend of addresses accumulating Bitcoin, indicate that The bear has stopped selling The worst period of the economic recession may have passed.

Earlier in the day, the ether (ETH) Also rose to a level close to $3,000, but the fall in the BTC price caused the top altcoin to fall below $2,800.

Polygon leads altcoin fees

Although most cryptocurrencies are well below their recent highs, the price of Polygon (MATIC) reversed this trend by seeking a clear V-shaped rebound.As the project was announced Launch its SDK The stack allows developers to easily deploy their own Ethereum-connected blockchain.

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

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

According to the data from Cointelegraph Markets Professional Edition, MATIC’s market conditions have been around for some time.

Cointelegraph’s unique VORTECS™ score is an algorithmic comparison of historical and current market conditions based on a combination of data points (including market sentiment, trading volume, recent price movements and Twitter activity).

VORTECS™ score (green) vs. MATIC price. source: Cointelegraph Markets Professional Edition

As can be seen from the above table, the VORTECS™ score of MATIC has been in the green area for most of the past week. In about 7 hours after May 25th (price increased by 50%), it appeared 94 times. The high position. day.

Other notable performances of altcoins include SKALE Network (SKL) with 89% growth and Enjin Coin (ENJ) with 67% growth. The Origin Protocol also grew by 53%.

Daily cryptocurrency market performance. source: Coin 360

At present, the entire cryptocurrency market value has reached 1.7 trillion U.S. dollars, and Bitcoin’s dominance rate is 42.5%.

The views and opinions expressed here are only those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading action involves risk, so you should conduct your own research when making a decision.