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Monday, August 15, 2022

Altcoins Experience Big & Rapid Gains While Bitcoin Struggles

Bitcoin has been struggling in order to push its price over the $50,000 mark. On the other hand, MATIC, Cardano, and several other altcoins with large market capitalization have been experiencing gains in double digits figures.

However, Bitcoin is continuously trying to find a new direction. Ethereum has also bounced higher after the sell-off that took place on 13th May. Simultaneously Dogecoin also took the investors by surprise after they made a 47% rally.

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This massive rally of DOGE has triggered since Coinbase made the public announcement of enlisting DOGE within the next few months. The price of DOGE also rallied since Elon Musk, CEO of Tesla and SpaceX, made a tweet. He informed, that he is trying to improve the efficiency of the system transaction of Doge that seems promising.

Price Of Major Altcoins Surge Apart From BTC

Even though numerous big altcoins have been making impressive gains and rallies all around in the cryptocurrency market, BTC is struggling. The whale wallets are trying to limit a minimum of 1,000 Bitcoin that has dropped by almost 4.7% as compared to their previous month. This indicates that there is probable profit-taking or rotation in other differing assets.

According to the data of TradingView, the recovery of BTC has been very slow. Nonetheless, the demand for Ethereum has resulted in a rally of a staggering 18%. This leading altcoin has spiked its intraday high to $4,173 as of 14th May.

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In addition, Polygon (MATIC) has emerged as the breakout altcoin. MATIC has witnessed a 60% price rally within the last 24 hours and successfully managed to touch its all-time high of $1.75. Ergo’s price increased 80% while Sora surged 48%.

The entire market cap of cryptocurrency is $2.307 trillion while the dominance of BTC is almost 40.3%.

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