MATIC Exploded 10% While Bitcoin Tested $38,000: Analysis

MATIC exploded 10% while Bitcoin tested the $38,000 price level as the coin continues to gain traction so let’s read further in our latest Bitcoin news.

MATIC exploded 10% and it is among the best performers since yesterday with a double-digit increase while a few days after consecutive price drops, Bitcoin tested a new level and went on the offensive once again and neared $38,000 with most other altcoins being in the green like Binance coin which managed to recover followed by Avalanche, MATIC, DOGE, CRO, NEAR and others.

The primary cryptocurrency slumped by $10,000 in a few days from January 20^th to January 24^th when it dumped to a low price point since late July below $33,000. This resulted in a huge number of liquidations for the over-leveraged traders and harmed the sentiment for the market. Since the low, the asset reacted well and started to recover some of the lost ground gradually. Bitcoin increased by 00 and reached ,000 but then in the next few hours, it replaced by 00 before it went on the attack once again.
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This time, it reached $38,000 where it is situated now as well.

Its market capitalization reclaimed the $700 billion tag and the alternative coins suffered as well as during the recent price slides but most are in the green today. ETH was closer to breaking below $2000 but now the second biggest crypto is sitting around $2500 after a 3% increase. Similar price increases were evident from Cardano, Solana, Ripple, Chainlink, and Shiba but the most impressive gains came from DOGE which increased 8%, MATIC 10%, CRO by 8.5%, and NEAR by 12%. the situation with the lower cal altcoins is quite similar and the most important gainer on a daily scale is Waves which increased by 40%. GALA increased by 15%, SCRT by 13%, SNX by 12%, and HNT by 14%. The crypto market cap now stands at $1.7 trillion which means the metric will go up by $200 billion since the low two days ago.

As we reported yesterday, The total market cap increased by $120 billion and BTC rebounded 10% from yesterday’s bottom with other altcoins bouncing back. Right off the bat, it is worth looking into the BTC price which went on a huge roller coaster in the past 24 hours. The cryptocurrency dropped in a major downwards spiral and ended up reaching a price below $33,000 on Binance which was followed by the entire market.