Bitcoin And Ethereum Lacking Buy Volume, Altcoins Surges

Bitcoin and Ethereum were stalling near their key levels due to a lack in buy volume while altcoins moved in an upward direction followed by a bullish inverse head and shoulders pattern. As witnessed in the bullish momentum of May 26, the propulsion of Bitcoin and altcoins into a relief rally was subdued as the traders were not sure of what may occur next.

Bitcoin and Ethereum Struggles at Key Levels, Altcoins Soars

The early morning attempt of the Bitcoin bulls to drive the price of the flagship currency met with stiff resistance which eventually led to the digital asset losing its momentum and slipping back to the support level of $38K.

Despite the constant struggle, a few positive indications like a reduction in the BTC exchange deposits and an upside in the addresses accumulating Bitcoin suggest that the bear market is growing weak and the worst possible downfall has already passed.

Ethereum also showed an uptrend close to the level of $3K but the pullback in the price of BTC saw the top altcoin slip below the level of $2,800.

Polygon (MATIC) Leads the Altcoin Charge

Well, a majority of altcoins are significantly below their recently established highs, but Polygon (MATIC) price surged the trend by making a clear V-shaped gain in its prices.

In addition to this, the reason behind the coin rallying higher was the announcement of the launch of its SDK stack that will be allowing the developers to easily deploy their own blockchains connected to Ethereum.

In accordance with the data released by leading market aggregators, the market conditions for MATIC have been optimistic as since May 25, the price of the coin has surged around 50% from a low of $1.51 to an intraday high at $2.44 on May 26.

Also, talking about the overall cryptocurrency market cap, it now stands at $1.7 trillion and the dominance rate of Bitcoin is 42.5%.