After one of its most brutal weekends, Bitcoin and most altcoins show signs of recovery in lower time frames. While most are still down by 30% and 40% in the 7-day and 30-day chart, the general sentiment in the market appears to be more bullish as investors see their charts flip from red to green.
Ethereum was probably one of the fastest altcoins to return from under a critical support zone at $1,700. The second cryptocurrency by market cap trades at $2,541 with a 2.6% profit in the daily chart and a 35.6% profit in the monthly chart. Ethereum will undergo an update to its fee model with hard fork “London”. EIP-1559 will be implemented and ETH will become a deflationary asset. This has strengthened the theory amongst some users that ETH could become a more effective store of value than Bitcoin.Altcoins With Great Potential After Bitcoin’s Crash
Besides Ethereum, Polygon (MATIC) has been the fastest to bounce with a 110% profit in the daily chart and an 81.4% rise against its Bitcoin pair. The project has received more attention from investors since its rebranding and climbed to the top 4 projects by Total Value Locked (TVL), according to data provided by DeFi Pulse.
As reported by newsBTC, Polygon was running hot since March 2021, when this blockchain outperformed Binance Smart Chain (BSC), Avalanche, NEAT, and other Ethereum L1 Bridges. With over 100 projects building on top of its solution, Polygon (MATIC) has great potential for further appreciation.
Polkadot (DOT), Solana (SOL), Cardano (ADA), and Binance Coin (BNB) saw great resilience during the crash and seem poised for more profits in the coming months. BNB and the Binance Smart Chain ecosystem has proven that users are eager to participate in low-cost DeFi ecosystems with fast transactions.
Solana and projects, such as Terra (LUNA) and COPE, are meeting this demand. Cardano will launch its smart contract platform, Plutus, and its capacity to attract more users, developers, and projects will be key for its immediate future.
Early in the week, performance by market cap fluctuated around 0, by mid-week shifting into a bloodbath🩸 All top assets finished in double-digit losses, with two the least affected:+ Cardano , -13%
— Messari (@MessariCrypto)
+ Dogecoin , -26%