Altcoin prices skyrocket as Bitcoin hovers below $ 50,000

While Bitcoin (BTC) price strived to stabilize, Ether (ETH) and some altcoins saw a high jump after the selling pressure on May 13.

Dogecoin (DOGE) surprised investors with a 47 percent rally that started after Coinbase’s listing announcement in the coming months.

Doge price indicates that Elon Musk is “working with Doge developers to increase processing efficiency” tweetHe rose after his’ lemma.

Although many altcoins have made double-digit gains, the Bitcoin (BTC) price is weakening below the $ 50,000 level. Whale wallets with at least 1,000 BTC in them show a decrease of 4.7 percent compared to the previous month, revealing that profits have been made.

Bitcoin price recovery has stalled, according to data from Cointelegraph Markets and TradingView. With the demand for Ether (ETH) increasing, there was an 18 percent price rally, while the altcoin managed to rise to $ 4,173 on May 14.

4-hour chart for ETH / USDT pair. Source: TradingView

While the ETH price, the largest altcoin, is on the rise, wallets with at least 32 ETH have been steadily declining in recent months. The decrease in the number of “full validators” critical for the Ethereum 2.0 update with the Proof of Stake (PoS) algorithm, which is expected to be active in the near future, is a concern.

Altcoin prices are rising

While discussing whether the market has entered the altcoin season, investors have turned their attention to altcoin options. Because there is a significant decrease in the Bitcoin dominance rate.

Percentage of total market capitalization. Source: CoinMarketCap

One of the stars of 2021, Polygon (MATIC), which has increased by 60 percent in the last 24 hours to a new record with $ 1.75, stands out.

Another project, whose price rose 45 percent from its low on May 13, was the decentralized cloud computing network iExec RLC (RLC), which Coinbase announced it would list.

Among other notable performances, an 80 percent increase in Ergo (ERG) price was noted. Sora (XOR), which went above $ 800, also gained 48 percent.

Daily cryptocurrency market performance. Source: Coin360

The total market cap of cryptocurrencies is currently around $ 2.3 trillion, and Bitcoin’s dominance seems to have declined to 40.3 percent.

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