The global cryptocurrency market is gradually back on its feet after almost a week-long continuous downtrend. The major price correction was marked by the plunge of the crypto market cap to $1.45 trillion, from its high peak of over $2.4 trillion a few weeks ago. While Bitcoin (BTC) took the hardest hit with its market capitalization dipping almost by half, other altcoins also went on a freefall.
However, Monday seems to be heralding a profitable week ahead, with most cryptocurrencies parring off their losses. Here is a brief look into the three altcoins making the biggest moves in the market today.
Stellar is an open-source blockchain network that allows for the easy movement of money on a peer-2-peer level. The network’s native cryptocurrency, the XLM, showed massive revival on Monday after plunging from a 7-day high of $0.7 to a low of $0.3035. The coin’s current price of $0.4308 represents a 15.48% growth that perhaps a sign of a good time for the digital currency. Stellar is 53.82% below its All-time High (ATH) of $0.9381 set three years ago at the time of writing.
Polygon is a user-friendly platform for Ethereum scaling and infrastructure development. Its native token, MATIC, an ERC-20 token witnessed a short-lived runup to become one of the most valuable digital currencies by market cap. The token was increased by 40.08% on Monday at $1.46. At this current rate of growth, MATIC may soon retest its ATH of $2.68, which established about a week ago, according to data from CoinMarketCap.
Helium and its native cryptocurrency, the HNT, is a decentralized blockchain-powered network for the Internet of Things (IoT) devices. At a current price of $14.70 and a 34.03% group over the past 24 hours, the coin is leading a new market revival, having plunged to an intraday low of $8.42. HNT is down by 31.34% from its ATH price of $21.17 set about two months ago. This ATH represents a new price discovery target should the current upsurge be sustained.
Hope for Consistent Market Recovery
The global cryptocurrency industry is experiencing a phase where it needs to redefine the centralization of power related to mining in China and the influence being wielded by such market movers as Elon Musk. A more steady and consistent market recovery will be ushered in when the market decouples from these forces. However, in the short term, crypto fundamentals will aid the recovery of Bitcoin and the hoard of altcoins out there.Image source: Shutterstock