Although Bitcoin (BTC) certainly hasn’t reached the heights that it had been used to not too long ago, there is nevertheless some good news for BTC holders as the cryptocurrency managed to pull itself out from below the $45,000 mark and is currently trading at $45,077, a 0.4% increase since yesterday, but far from what the investors and holders would want from the world’s largest cryptocurrency.
One cryptocurrency in particular, however, has been silently garnering support from the community as it just skyrocketed in price to be currently trading at $2.15 as of the time of this writing. The altcoin in question is Polygon (MATIC), and its price has experienced an increase of over 30% within the timespan of the last 24 hours alone. In related news, the overall cryptocurrency market capitalization has now surpassed $2.1 trillion.
$45K the target for BTC stabilization?
Needless to say, it is not the best time to be holding BTC right now. After Elon Musk’s decision to remove BTC as a payment option for Tesla, the price plummeted, taking plenty of altcoins with it. In fact, some reports indicated that the price fell by nearly $18,000.
Although BTC is managing to gradually rebound, the recovery process is nevertheless very slow, and time will only tell whether it can stay above the $45,000 mark for long or whether it will decrease again. Moreover, this is also the biggest correction that has ever taken place during the current bull cycle, which had been initiated back in October of 2020.
Altcoins succeed where Bitcoin struggles
The situation has not exactly been kind to the altcoins either, but these cryptocurrencies certainly have had more luck than Bitcoin as of late. Ethereum (ETH) had managed to reach above $4,400, but the market crash resulted in it dropping by over $1,000 shortly afterward. The current price is $3,516.
As aforementioned, MATIC is performing exceptionally well along with the likes of ADA, XRP, and DOT. Polkadot and Ripple, in particular, have arguably experienced the best gains during this time, with XRP becoming the 4th highest cryptocurrency in the world right now in terms of market capitalization and ADA right behind it at the 5th highest ranked position. As of the time of this writing, ADA is trading at $2.10, BNB is trading at $527.04, DOT is trading at $40.96, and XRP is trading at a price of $1.52.