Terra And Polygon Surge Along DOGE, NEAR While BTC Rebounds

Terra and Polygon surge alongside Doge and NEAR while BTC and ETH slowly rebound in the latest market shake-off from the harsh slump so let’s take a closer look in today’s altcoin news.

Many crypto market analysts think the bottom is in for BTC and ETH after their terrible start to the new year. BTC increased by 6% from this time a week ago and ETH is up by 10% since then.
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It has been the case, however, that the altcoins are doing much better in this new year. Not too long ago, it was rare to see a lot of projects surge while BTC and ETH remain stagnant. Now weeks like this became the new norm. In the past week, the traditional market leaders were not the slowest movers but they weren’t moving as high as names such as NEAR which blew up by 43% in the past week to a new high of $20.38.

Terra and Polygon surge as well after Bitcoin increased by 6% to $43,417. That still miles off the former ATH of $68,790 and it looks like it is on a steady recovery from the fall at the start of the week. In the early hours of Monday morning, BTC was trading at around $42,178 as the price went into a tailspin and bottomed near $39,867. Ethereum dropped below the $3000 level and it now trades near $3335 close to being 11% higher than last Saturday. On Monday, the reports from Kaiko concluded that the correlation between Bitcoin’s price and NASDAQ is at its highest point since July 2020 but does this mean that BTC is more assimilated into the traditional financial markets which it was designed to counter? Well, not quite.

Kaiko’s report concluded that the investors in both BTC and the stock market were responding to the FED’s news a week ago that it is getting ready to hike the interest rates in order to transition to the post-pandemic economy. So BTC investors and equities investors are monitoring the same news. However, nobody can be sure if the current high correlation will hold. Crypto is still a hot topic in Washington as the FED chair Jerome Powell announced that the FED will release a report on crypto and central bank digital currencies in the upcomign weeks. As many governments across the world, the FED is keen to research the feasibility of implementing CBDCs in America so the report will also include a discussion about the digital dollar.