Altcoins popping as Bitcoin searches for support near $ 50,000

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Bitcoin (BTC) continues to seek direction, but when that happened, ether and altcoins rebounded higher after the May 13 sell-off. Dogecoin shocked investors with its 47% rally that began after Coinbase announced it would conduct a listing (DOGE) in the coming months. The Doge Prize also bounced back after Elon Musk tweeted that he “works with Doge developers to improve the efficiency of system transactions. Potentially promising. “

While many altcoins posted double-digit gains during the recovery, the price of Bitcoin (BTC) has continued to decline near the $ 50,000 level as wallets of at least 1,000 BTC are down 4.7% compared to the previous month, suggesting possible Indicates profit taking or a rotation in different assets.

Data from Cointelegraph Markets and TradingView shows that although the Bitcoin recovery was subdued, demand for Ether (ETH) rallied 18% as the altcoin hit an intraday high of $ 4,173 on May 14.

ETH / USDT 4-hour chart. Source: TradingView

The gains in the top altcoin are due to mixed fundamentals. Data from Glassnode shows that wallets with at least 32 ETH have been steadily declining over the past few months, suggesting fewer people are interested in becoming “full validators” for the network’s upcoming proof-of-network. Use of blockchain.

Altcoins rally higher

While the debate about whether or not the market is officially going into an off-season continues, one of its hallmarks is a sideways trade in bitcoin, causing traders to turn their attention back to the altcoin market and a decline in bitcoin – Lead dominance.

Percentage of total market capitalization dominance. Source: CoinMarketCap

One of the breakout stars of 2021 is Polygon (MATIC), the price of which has increased 60% in the past 24 hours and hit a new record high at $ 1.75.

Another project, the price of which rose 45% from the lows on May 13, is iExec RLC (RLC), a decentralized cloud computing network, which started the week after Coinbase announced it was listing the token would get an adrenaline rush.

Other notable accomplishments include an 80% increase in the Ergo Price (ERG) and a 48% increase in the Sora Price (XOR), bringing the price of the token back above $ 800.

Daily market performance in cryptocurrencies. Source: Coin360

The market cap for cryptocurrencies is now at $ 2.307 trillion, and the dominance rate of Bitcoin is 40.3%.

The views and opinions expressed are those of the author only and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading step is associated with risks. You should do your own research when making a decision.