Altcoin
Ready for Altcoin season? The analyst expects a 40% increase for the price of polygon (MATIC).
The cryptocurrency market is on the upswing, with Bitcoin surpassing $66,000 in the past day. This surge increased the total cryptocurrency market capitalization by about 6% to reach $2.51 trillion on Thursday, resulting in short liquidations of more than $113 million.
A recent surge in meme stocks, led by GameStop (GME), has reignited optimism in the cryptocurrency community. This echoes a similar event in 2021, when meme stocks skyrocketed nearly 100-fold, triggering a wave of altcoin pumps.
When is the Altseason scheduled?
Bitcoin continues to assert its dominance in the cryptocurrency market, with only a select few altcoins managing to make significant gains. Bitcoin’s growing dominance is putting significant pressure on the altcoin market. Notably, despite growing calls for a market reversal, the ETH/BTC pair continues to exhibit a downtrend on longer time frames.
Traders are eagerly awaiting the start of the long-awaited altcoin season as they look to diversify their profits away from Bitcoin.
Polygonal Price (MATIC) Ready for the pump!
Polygon (MATIC), a leading Ethereum-based scaling solution boasting nearly $1 billion in total value locked (TVL), is showing early signs of recovery after a prolonged correction phase.
A prominent crypto analyst, known as Captain Faibik, has predicted a potential 40% increase in the price of MATIC, predicting it to reach 95 cents in the coming weeks. This optimistic outlook is supported by MATIC establishing a robust support level around 64 cents against the US dollar, as well as a notable divergence on the daily relative strength index (RSI).
With Bitcoin on the rise, is the altseason inevitable? Which altcoins are you keeping an eye on?