The bullish momentum that took place concerning the stock of the cryptocurrencies, Bitcoins, and altcoins, got subdued somehow. The incident took place on Wednesday that left the traders unsure as to what would happen after that. After the bulls of Bitcoin attempt to drive the price of the BTC above the amount of 40,000 USD, which came quite early, it faced strong resistance. The asset lost its momentum and dropped to the support level of 38,000 USD.
The Fate Of Altcoins
After the struggle that appeared on the journey of Bitcoin, there are a couple of positive indications for cryptocurrency. They include a fall in the deposits of the BTC exchange. This is accompanied by an uptrend address. All this proves that the worst days for Bitcoin might be over now.
At a time where most of the cryptocurrencies are below the highs, the price of the altcoins, particularly Polygon, does not indicate the same. As per the graphs, Polygon seems to be very far away from the trend. It shows a “v-shaped” graph clearly depicting the fact that it is recovering. The price of the altcoin went higher than before on the 26th of May. The reason for this is the announcement of the SDK stack launch by the project. The stack is told to give the developers an opportunity to make use of their respective blockchains of Ethereum in the easiest way possible.
There are other incidents where the performance of the altcoins has been worthy of attention. One of those is the gain of 89% of the altcoin, Skale Network. The other one involves Origin Protocol. It witnessed a gain of 53%. The total value of the overall market capitalization of cryptocurrency is 1.7 trillion USD. And the dominance rate of Bitcoin accounts for about 42.5%.
