Three cryptocurrencies that bucked Bitcoin's fall

As Bitcoin advances, so will we all. This has burned into the minds of cryptocurrency traders, as the price of altcoins often approaches the price of Bitcoin (BTC). If the initial cryptocurrency goes up, so will the rest of the cryptocurrency market. Every time BTC falls, it invariably drags its younger brothers down.

However, as the crypto industry evolves and many blockchain projects begin to generate their own unique value, the link between the price of Bitcoin and the price of many alternative digital assets is becoming increasingly tenuous. The fact that the BTC Dominance Indicator is currently at its lowest level in three years, and Bitcoin only accounts for 40% of the cryptocurrency market cap, further speaks to the growing autonomy of altcoins.

During times of significant market price swings, most cryptocurrencies are still highly correlated with Bitcoin’s actions, as this week’s sharp crash reminded us. However, today we are seeing more and more cases where altcoin prices remain virtually unchanged as a result of even the most significant fluctuations in BTC prices. Here are three prime examples of this week’s market bloodbath.

In the seven days leading up to Thursday, BTC lost more than 15% against the US dollar, rising from around $56,000 to $30,000 before recovering to around $42,000 on Thursday. Creating Your Own Crypto Signals Channel: A comprehensive guide is already available on this page – https://www.startupguys.net/creating-own-crypto-signals-channel/.

Analysis of polygons / MATIC

Polygon, a platform for building and scaling decentralized applications, is firmly positioned at the center of the rapidly growing decentralized finance, or DeFi, ecosystem. Just last week, it added 75,000 new users and $1 billion in transaction volume.

Amid this week’s overall crypto market decline, Polygon’s MATIC token continued its climb to new highs, reaching $2.18 on May 18, up from $0.36 last month. During a week that brought bad news for many other currencies, MATIC rose 106% against the dollar and 142% against bitcoin. (The table below is expressed in dollars).

This is the highest valuation ever recorded for any token, and this valuation means that the model is extremely confident that similar combinations of data points have consistently preceded subsequent price spikes in the past.

Solana/SOL analysis

A Tier 1 network with strong fundraising and a number of market-ready applications launched in the past two months, Solana was another person to defy the bear market sentiment and break the price charts. On May 18, SOL hit an all-time high above $58. Cryptocurrencies, an essential guide to understanding this growing technological and economic trend is already in this source.

Harmony/ONE Review

The Harmony ONE token was another asset that significantly outperformed many of its peers this week. After hitting $0.17 after a series of strong results, it came close to the all-time high of $0.20 set in March.

When the market crashed on May 19, Harmony was also hit, but was one of the fastest to recover the next day.

When the market turns red, safe parking of funds becomes a major concern for all investors. Traders can turn to stablecoins or apply various forms of analysis to try to figure out which altcoins are most likely to buck the broader downtrend and make a strong run first.

Disclaimer: The views and opinions expressed by the author or anyone mentioned in this article are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptocurrencies involves the risk of financial loss.

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