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Bitcoin Struggles at $50K: Polygon (MATIC) Skyrockets 20% (Weekend Watch)

Summary:
After touching a multi-month high above ,000, bitcoin has retraced slightly and currently stands around the coveted ,000 mark. Most altcoins have also stalled on a 24-hour scale, except for Polygon, which has surged by roughly 20% in a day. Bitcoin Stands Around K Ever since the primary cryptocurrency recovered from its dip to ,300 at the start of the month, the bulls have had control over the market. They pushed the asset to and beyond ,000, as reported yesterday. Furthermore, bitcoin went to just over ,000, which became the highest price tag since the mid-May correction. However, as it happened with the previous attempts to overcome this particular level, BTC was rejected and dumped by a few thousand dollars. This resulted in a drop to around ,000

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After touching a multi-month high above $51,000, bitcoin has retraced slightly and currently stands around the coveted $50,000 mark. Most altcoins have also stalled on a 24-hour scale, except for Polygon, which has surged by roughly 20% in a day.

Bitcoin Stands Around $50K

Ever since the primary cryptocurrency recovered from its dip to $46,300 at the start of the month, the bulls have had control over the market. They pushed the asset to and beyond $50,000, as reported yesterday.

Furthermore, bitcoin went to just over $51,000, which became the highest price tag since the mid-May correction. However, as it happened with the previous attempts to overcome this particular level, BTC was rejected and dumped by a few thousand dollars.

This resulted in a drop to around $49,000 hours ago. As of now, though, bitcoin has reclaimed some ground and currently sits just beneath $50,000 once again.

Its market capitalization is just shy of $950 billion, while BTC’s dominance over the alternative coins stands still at over 41%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Alts Stall While MATIC Surges

Most alternative coins have also calmed since yesterday. Ethereum went to a high of just over $4,000 but has failed to continue upwards. A quick retracement has driven the second-largest cryptocurrency down beneath $3,900.

Further declines come from Cardano (-2%), Ripple (-2.5%), Solana (-5%), and Polkadot (-3%).

On the other hand, Binance Coin, Dogecoin, Uniswap, and Litecoin are slightly in the green.

Polygon is the most significant gainer from the larger-cap altcoins. MATIC has surged by nearly 20% in a day to around $1.75.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Quant’s performance has trumped the rest of the top 100 coins. QNT has skyrocketed by 27% and has neared $250. IOTA (16%), Axie Infinity (15%), Filecoin (12%), and Siacoin (10%) follow suit.

Consequently, the cumulative market cap of all crypto assets has remained rather stable as well and is just below $2.3 trillion.

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