Polygon (MATIC) soars 20% (weekend watch)

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After hitting a multi-month high above $ 51,000, bitcoin has retreated slightly and is currently hovering around the coveted $ 50,000 mark. Most altcoins are stuck on a 24-hour scale as well, with the exception of Polygon, which jumped about 20% in one day.

Bitcoin stands at around $ 50,000

Since the major cryptocurrency recovered from its decline to $ 46,300 earlier this month, the bulls have been in control of the market. They pushed the asset to $ 50,000 and beyond as reported yesterday.

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

This resulted in a drop to about $ 49,000 hours ago. Right now, however, bitcoin has gained ground and is once again just below $ 50,000.

Its market cap is just under $ 950 billion, while BTC’s dominance over alternative coins remains at over 41%.

BTCUSD. Source: TradingViewAlts picks up as MATIC rises

Most of the alternative parts have also calmed down since yesterday. Ethereum peaked at just over $ 4,000 but failed to continue to climb. A quick retracement brought the second largest cryptocurrency down below $ 3,900.

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

In contrast, Binance Coin, Dogecoin, Uniswap and Litecoin are slightly in the green.

Polygon is the biggest winner of the larger cap altcoins. MATIC jumped nearly 20% in one day to around $ 1.75.

Overview of the cryptocurrency market. Source: quantifying crypto

Quant’s performance topped the rest of the Top 100 Pieces. QNT climbed 27% to close to $ 250. IOTA (16%), Axie Infinity (15%), Filecoin (12%) and Siacoin (10%) are following suit.

As a result, the cumulative market cap of all crypto assets has also remained fairly stable and sits just below $ 2.3 trillion.

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TradingView cryptocurrency charts.

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