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

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.