On Wednesday, the bullish momentum that propelled Bitcoin (BTC) and altcoins into a relief rally was tempered as traders remain unsure of what might happen next.
After an early morning attempt by Bitcoin bulls to push BTC price above $40.000 met with stiff resistance, the digital asset lost momentum and fell back to the $38.000 support level.
Despite the ongoing struggle, some positive signs, such as a decline in BTC exchange deposits and an uptrend in addresses accumulating Bitcoin, suggest that bears have stopped selling and the worst of the crisis may be over.
Earlier in the day, Ether (ETH) also surged close to the $3.000 level, but the pullback in the BTC price it caused the top altcoin to drop below $2.800.
Polygon (MATIC) leads the charge in altcoin
While most cryptocurrencies are well below recently established highs, the polygon price (MATIC) bucked the trend, looking for a clear V-shaped recovery. The altcoin rallied further today as the project announced the release of its SDK stack, which will allow developers to easily implement their own blockchains connected to Ethereum.
Since Tuesday, MATIC has risen 50%, from a low of $ 1,51 to an intraday high of $ 2,44 on Wednesday.
As can be seen in the chart above, MATIC was in the green zone for most of last week and recorded a 94 high several times on Tuesday, about seven hours before the price went up 50% the next day.
Other notable altcoin performances include a 89% gain for Skale Network (SKL) and a 67% increase for Enjin Coin (ENJ). The source protocol also gained 53%.
The overall market capitalization of the cryptocurrency is now $ 1,7 trillion, and Bitcoin's dominance rate is 42,5%.