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Looking at the whole crypto industry as a whole, Bitcoin’s dominant reign varied from 94 percent in 2013 to roughly 46 percent at the time of writing. With the decline in supremacy, alts began to rally. Large-cap alts started to rise in value, and mid-cap alts followed suit. The market-wide slump that began on May 19 hit bitcoin and all altcoins; nevertheless, several altcoins rebounded swiftly and reported profits despite the market’s consolidation period.
Renowned analyst Josh Rager shared his thoughts on two alts that have shown the potential to recover quicker than the rest of the market. He wrote on Twitter:
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).
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:
— 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.