Altcoins Continue Rally as Bitcoin Struggle to Reclaim US$50,000 as Support

Bitcoin price against the US Dollar (BTC/USD) is hovering just below the US$50,000 mark and looking for direction. However, the altcoins such as Ethereum (ETH), Dogecoin (DOGE), Polygon (MATIC), Ergo (ERG), and others are making decent progress. In fact, some large-cap altcoins are making double-digit gains.

After May 13, 2021, sell-off, both Ethereum (ETH) and other major altcoins have bounced back. Dogecoin (DOGE) price increased by a whopping 47% after Coinbase crypto exchange announced that they will list this dog-theme meme coin in the coming months. The DOGE price got another major boost when Tesla CEO tweeted that was “working with Doge devs to improve system transaction efficiency. Potentially promising.”

What Are Altcoins, and Why Do They Exist?

The Bitcoin price has indeed dropped by around -18% and -23% in the last 7-days and 30-days respectively. In fact, after Elong Musk’s announcement that Tesla will not accept Bitcoin further because of the carbon emission concerns.

However, Musk also said that BTC will again be accepted when BTC mining shifts to a more environment-friendly energy consumption mode. This caused the BTC/USD pair to fall in the last few days ad is currently finding it tough to surpass the US$50,000 level and turn it into support.

Le bitcoin n'est plus un gadget et s'installe durablement dans le paysage  financier mondial »

At press time, BTC price was hovering around US$48,717.31. It can be said that the Bitcoin market is still not sure and is consolidating at around US$50,000 to make the next big move. In comparison to last month, the whale wallets containing at least 1,000 bitcoins have also declined by around 4.7%. This means that the large investors are either making a profit or are rotating their money in different assets.

As the BTC market still remains undecided, altcoins are making significant gains. One of the most prominent ones to make significant gains is Polygon (MATIC). In the last 24-hours, its price jumped by around 60% and reached a new all-time high (ATH) at US$1.75. 

Three other altcoins that got a major boost in the last few days are Ergo (ERG), Sora (XOR), and iExec RLC (RLC), which increased by 80%, 48%, and 45% respectively. XOR’s price has again crossed the US$800 mark.

Bitcoin’s dominance in the global cryptocurrency market has now slumped to just 40.3%.

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