The cryptocurrency market is on the rebound, with Bitcoin surging past $66,000 in the last day. This surge has boosted the total crypto market cap by around 6 percent to reach $2.51 trillion on Thursday, resulting in over $113 million in short liquidations.
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 100x, triggering a wave of altcoin pumps.
Bitcoin continues to assert dominance in the cryptocurrency market, with only a select few altcoins managing to make significant gains. The increasing dominance of Bitcoin is placing considerable pressure on the altcoin market. Notably, despite growing calls for a market reversal, the ETH/BTC pair continues to trend downward on higher time frames.
Traders are eagerly anticipating the onset of the much-awaited altcoin season as they seek to diversify their profits from Bitcoin.
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 percent spike in MATIC’s price, projecting it to reach 95 cents in the coming weeks. This optimistic outlook is supported by MATIC’s establishment of a robust support level around 64 cents against the US dollar, as well as a noticeable divergence on the daily Relative Strength Index (RSI).
With Bitcoin on the rise, is an altseason inevitable? What altcoins are you keeping an eye on?
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