Looking back at the plot of the overall cryptocurrency market, Bitcoin’s dominance reign ranged from 94% in 2013 to around 46% at the time of writing. With the dip in dominance, altcoins, had begun to rally. Large-cap alts began to surge and subsequently, mid-cap alts also saw an increase in their valuation. The market-wide correction since May 19 affected the bitcoin and all alts; however, some alts recovered fairly quickly and posted gains despite the consolidation phase of the market.
Renowned analyst, Josh Rager presented his views on two altcoins that exhibited the ability to bounce back faster than the rest of the market. He tweeted:
Two altcoins that I want to have exposure to in this current market are $MATIC and $LINK
Both show continued strength and the ability to quickly bounce back after pullbacks
— Rager ? (@Rager) May 27, 2021
Rager highlighted two altcoins with the highest recovery rate, one of them being the 2 layer scaling solution Polygon (MATIC) and the other, decentralized oracle network Chainlink (LINK).
MATIC (Polygon)
The 12th largest coin recorded an impressive ride in recent times. Apart from news surrounding MATIC’s network activity, one of the many recent developments included Shark Tank star and billionaire, Mark Cuban’s investment in polygon. Touted as another ‘Ethereum Killer’, Matic’s YTD gains stood at a striking 10,000%.
MATIC registered an all-time high of $2.68 on May 18th, dropped to $0.74 on May 23rd, “and then nearly formed a V-shaped recovery all the way to $2.45.” However, after some corrections, at the press time, it was trading just under the $2 mark.
MATIC’s rally caught the interest of analyst Michaël van de Poppe, who also took Twitter to recently highlight,
“MATIC is even close to new all-time highs and erased all the losses from the previous crash… The bull cycle continues.”
The 13th largest coin too impressed Rager, as the altcoin has been registering a spike in interest as well. Furthermore, the unusual volume activities watchdogs, Volume Alerts narrowed down on a conclusion in the latest tweet:
Unusual #volume spike in $LINK/BTC
– 532,134 USD worth of $LINK traded in the last 5 mins.
– 148 times the average volume in $LINK – $BTC pic.twitter.com/G2izOVMAob— Volume Alerts (@TraderWisdom) May 30, 2021
At the press time, with a 4.34% volume surge, LINK was trading close to the $28 price level.
