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Altcoins rose, although a lack of purchase volume kept Bitcoin and Ethereum from breaking out after completing a bullish inverse head and shoulders pattern.
The euphoric momentum that had driven Bitcoin and altcoins into a relief rally was slightly restrained on May 26 as traders were uncertain of what might happen next.
After an early morning effort by Bitcoin bulls to push the digital asset’s price over $40,000 was met with severe opposition, the digital asset lost momentum and fell back to the $38,000 support level.
Despite the ongoing battle, a few encouraging signals, such as a reduction in BTC exchange deposits and an increase in addresses acquiring Bitcoin, signal that bears have stopped selling and the worst of the crisis has passed.
Earlier in the day, Ether (ETH) rebounded near to $3,000, but the drop in BTC price caused the top cryptocurrency to plummet below $2,800.
Polygon leads the altcoin charge
While the bulk of cryptocurrencies are trading considerably below their recently recorded highs, the Polygon (MATIC) price defied the trend by pursuing a clear V-shaped rebound. The currency rose today as the project announced the release of its SDK stack, which will let developers to simply create their own Ethereum-connected blockchains.
MATIC’s price has risen 50% from May 25, from a low of $1.51 to an intraday high of $2.44 on May 26.
Other significant cryptocurrency gains include an 89 percent increase for SKALE Network (SKL) and a 67 percent increase for Enjin Coin (ENJ). Origin Protocol also increased by 53%.
The overall cryptocurrency market cap now stands at $1.7 trillion and Bitcoin’s dominance rate is 42.5%.