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The rapid growth of altcoins coincides with the stabilization of bitcoin prices


While Bitcoin buyers seek to maintain $ 50,000 support and stabilize the price above this range, some altcoins such as Paligan (MATIC) and Cardano have managed to record double-digit jumps.

to the the report Coin Telegraph, the price of bitcoin, has long sought to determine the direction of its trend. Meanwhile, the prices of Ethereum and Altcoins are recovering after a sharp correction in the market on Thursday. The price of Dogecoin jumped 47% after the announcement of the addition of Quinn Base Exchange. In addition to adding Dogecoin to Quinn Base, Ilan Musk tweeted that he was working with Dogecoin developers to improve their transaction system and performance; News that added to the strength of Dogecoin’s leap.

Ethereum Price Chart
Ethereum Price Chart

As mentioned earlier, as Bitcoin struggled to maintain $ 50,000 support and stabilize the area, many altcoins jumped tens of percent. On the other hand, the number of Bitcoin whale wallets with more than 1,000 bitcoins decreased by 4.7% compared to last month; This can be attributed to the withdrawal of profits and their flow to the Altcoins.

Market data show that despite the slow recovery in the price of bitcoin, demand for Ethereum led to an 18% jump in the price of this digital currency. The jump continued until Ethereum prices hit a high of $ 4,137 yesterday.

Glassnood data show that wallets with inventories of at least 32 ethers have been declining slowly in recent months. In interpreting this, it can be said that fewer people are likely to seek proof of Ethereum shares in the Blockchain.

Dominance of the digital currency market
Dominance of the digital currency market

Although it is not possible to say with certainty whether the peninsula season has begun or not, there are some indications that this season has begun. One of the main signs of the emergence of the Altcoin season is the bitcoin fluctuations and the concentration of traders in the Altcoin market, which ultimately leads to a reduction in Bitcoin dominance in the market.

Among the notable jumps was the 60% increase in Paligan prices over the past 24 hours. With this jump, this digital currency managed to record a new peak at $ 1.75.

RLC‌ was another project that grew by 45% with a significant increase. Coin Bass recently announced that he would add the project, which operates in the field of cloud computing networks, to his list of supported currencies.

The price of ERG has also increased by 80% in the last 24 hours. Sora (XOR) also managed to cross the $ 800 mark with 48%.

The digital currency market is currently worth $ 2.307 trillion, and Bitcoin has a 40.3% market share.

The rapid growth of altcoins coincides with the stabilization of bitcoin prices
Market view in the last 24 hours

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