BTC Challenges $31K Again, MATIC Explodes 10% Daily (Market Watch)

11 July 2023

in DOT

Reading Time: 3 mins read

Bitcoin tried its hand at taking down $31,000 once more but was stopped in its tracks, at least for now.

The altcoins have turned green today, with ETH nearing $1,900, BNB closing down to $250, and MATIC soaring by double digits.

BTC’s $31K Challenge

Bitcoin soared last Thursday to $31,500 to mark its highest price tag in over a year but failed there and quickly returned to approximately $30,000. Then came the weekend, and the asset calmed in a tight range between $30,000 and $30,500.

Not much happened on Monday, either. BTC was close to breaking below $30,000, but the bulls managed to defend that level and pushed the asset north.

As such, bitcoin went on the offensive early Tuesday and jumped to just over $31,000 for the third time within the past week or so.

As it happened with its previous attempts, though, this one wasn’t all that successful, and BTC retraced heavily by around a grand. As of now, the cryptocurrency trades at about $30,500, and its market cap has climbed above $590 billion.

Its dominance over the alts has taken a slight hit since yesterday and is just shy of 50%.

BTCUSD. Source: TradingView

MATIC Steals the Show

The altcoins posted some losses yesterday, but the landscape is entirely different now, with most of them being well in the green. Ethereum is among the most modest performers, having jumped by just over 1% to almost $1,900. XRP, DOGE, TRX, DOT, and AVAX have seen similar gains.

Binance Coin, on the other hand, is up by nearly 7% and sits close to $250. SOL and LTC have increased by over 5% to $22 and $98, respectively.

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Polygon is the top performer from the larger-cap alts. MATIC is up by approximately 10% and trades well above $0.7.

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With most lower- and mid-cap alts also in the green, the total crypto market cap has added over $20 billion in a day and is now close to $1.2 trillion on CMC.

Cryptocurrency Market Overview. Source: Quantify Crypto

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Cryptocurrency charts by TradingView.

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