As the second-biggest digital currency by market capitalization, Ether logs its first weekly loss as its price and Bitcoin were in the red just before the weekend. Ether price dropped by about 8.48% at $3779.81 within 24 hours, while bitcoin was about 5.88% below $48,000. Despite ending on a down note, Ether has enjoyed a six-week-long winning streak. Despite dropping for over a year, bitcoin had an increase in the balance of those with major exchanges, and some see it as a bearish sign for the market. Some conclude that this means that there is enough BTC to sell on exchanges. Regardless of the price drops in these two major cryptocurrencies, other alternative coins seem to be gaining traction. The native token of the Polygon Network, MATIC, went up in price by 22% in over 24 hours, setting a record high of $1.87 on Saturday. This marks a 100-fold rise on a year-to-date basis and a rise in its market capitalization to over $8.96 billion.
Smart contracts are not left out of this price surge as platforms like Cosmos (ATOM) and Cardano (ADA) also experienced price surges. As at the time of original publication, ATOM was up 5.39% at about $26.47, while ADA was up 18.30% at about $2.25. With the congestion on the Ethereum blockchain, the demand for alternatives has increased. Thanks to this and some other reasons, altcoins are having a field day.
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Source: https://www.blockleaders.io/digital-asset-insights-16/
