Bulls struggle to push Bitcoin price above $50,000 while ADA, MATIC, and others realize a double-digit gain

Bitcoin price continues to look for direction but when this happens, Ether and altcoins have rallied higher since the May 13 sell-off. Dogecoin shocked investors with a 47% rally that started later. when Coinbase announced that they will list (DOGE) in the coming months. the Doge price also increased after Elon Musk tweeted that he is working with Dogecoin developers.

Musk tweeted:

Bulls struggle to push Bitcoin price above $50,000 while ADA, MATIC, and others realize a double-digit gain

While many Altcoins have seen double-digit gains during the recovery, BTC continues to weaken near $50,000 as whale wallets containing at least 1,000 BTC have dropped 4.7% month-over-month, giving see the possibility of taking profits or rolling into different assets.

bulls-struggle-to-push-bitcoin-price-above-50000-while-ada-matic-and-others-realize-a-double-digit-gain

BTC/USD 4-hour chart | Source: TradingView

While Bitcoin’s rally has been muted, demand for Ether (ETH) led to an 18% increase as the altcoin hit an intraday high of $4,173 on May 14.

The rise from the top altcoins comes amid mixed fundamental developments, with data from Glassnode showing that wallets holding at least 32 ETH have been steadily declining in recent months indicating that fewer people are interested in becoming “full validators” for the network’s upcoming proof-of-stake blockchain.

While the debate is over whether the market will officially undergo a wave of change, one of its trademark features is that Bitcoin trades sideways leading to traders refocusing attention. into the altcoin market and lead to a decline in Bitcoin Dominance.

bulls-struggle-to-push-bitcoin-price-above-50000-while-ada-matic-and-others-realize-a-double-digit-gain

Source: Coin360

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 low on May 13 is iExec RLC (RLC), a decentralized cloud computing network that received an adrenaline boost earlier in the week after Coinbase revealed that they will 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 price back above $800. The overall crypto market capitalization stands at $2.307 trillion and Bitcoin dominance is 40.3%.

Read more:

Join us on Telegram

Follow us on Twitter

Follow us on Facebook

You might also like

LATEST NEWS

LASTEST NEWS