“The largest cryptocurrency by market cap Bitcoin fails again to cross the $50K resistance level and Ethereum also took a slight dip and is trading below $4k mark. On the other hand the layer 1 protocols such as MATIC and LUNA are seeing a rally.”
Just a couple of days left for Christmas and the largest cryptocurrency by market cap Bitcoin fails again to cross the $50K resistance level. The market on Wednesday moved a little towards green, though Bitcoin and Ethereum dropped slightly. At the time of writing Bitcoin is hovering around $48,300 mark, 1.51% drop from yesterday whereas Ethereum is hovering around $3,950 mark about 2.2% lower than yesterday.
On the other hand the layer 1 protocols such as MATIC and LUNA are seeing a rally. MATIC is trading at $2.63 which is almost 6% gain in a single day and around 25% weekly gain. LUNA on the other hand has been rising throughout the general sell off these days and is being traded at $88 which is an approximate 43% weekly gain.
The MATIC is on the rise due to Uniswap’s announcement of its launch on the Polygon network that offers high speed and extremely low fees. The situation right now is dicey as the Bitcoin showed a good rally stance going into the holidays and made investors believe that it could lead to a price rise going into 2022 but as Bitcoin failed to cross the $5)K resistance, there is doubt around everywhere. Though some top 30 altcoins are showing some promise as they are on the rise despite general downtrend in the market.
Disclaimer: The article should not be considered as any financial advice. It is advisable to conduct thorough research before investing.
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