fbpx
QQQ
+ 3.21
341.15
+ 0.93%
DIA
+ 0.69
338.09
+ 0.2%
SPY
+ 2.27
418.59
+ 0.54%
TLT
+ 0.35
142.94
+ 0.24%
GLD
-0.70
167.65
-0.42%

A Cryptocurrency Is Skyrocketing In Defiance Of Bitcoin-Led Selloff, Outperforming Dogecoin, Cardano

May 16, 2021 9:59 pm
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More
A Cryptocurrency Is Skyrocketing In Defiance Of Bitcoin-Led Selloff, Outperforming Dogecoin, Cardano

Bitcoin (BTC) and Ethereum (ETH) traded in the red at press time on Sunday night amid uncertainty whether Tesla Inc (NASDAQ:TSLA) Elon Musk hinted at dumping the automaker’s cryptocurrency holdings but there is one coin that bucked the trend over the past week.

What Happened: Polygon (MATIC) has soared 69.63% over a seven-day trailing period leading up to press time. On a 24-hour trailing basis, MATIC traded 1.99% higher at $1.65.

Contrast this to BTC, which has fallen 22.82% in a seven-day period, and ETH which has declined 11.29%.

At press time, on a 24-hour trailing basis, BTC was down 4.48% to $45,398.65, while ETH traded lower by 9.2% at $3,440.47.

On Sunday, Musk may have signaled that Tesla could dump the remainder of its BTC holdings. The company disclosed in its first-quarter results that it sold $272 million of the cryptocurrency in the period after recording a purchase of $1.5 billion.

Why It Matters: The network powering MATIC hopes to resolve issues affecting Ethereum such as high “gas” fees needed for transactions and confirmations, as per the project’s website.

Recently, a number of Dogecoin (DOGE) lookalikes have emerged, which are further ratcheting up ETH network fees as they occupy block space on the latter's chain, MarketWatch reported. DOGE traded 7.35% lower at $0.49 at press time.

See Also: How to Buy Dogecoin (DOGE)
The coins allegedly congesting the Ethereum network include SHIBA INU (SHIB), Dogelon Mars (ELON), and Kishu Inu (KISHU), as per The Block’s Director of Research Larry Cermak.

Coins that complement or compete with Ethereum have seen increased interest recently. Others that have risen include AAVE (AAVE) and Cardano (ADA) both up 25.21% and 11.72% on a seven-day period.

Read Next: Elon Musk Considers Idea Of Creating New Crypto If Dogecoin Can't Scale

For the latest in financial news, exclusive stories, memes follow Benzinga on Twitter, Facebook & Instagram. For the best interviews, stock market talk & videos, subscribe to our YouTube channel.


Related Articles

Diamond Hands? Famed Dogecoin Investor Says Not Selling Despite Losing Millionaire Status

Famed Dogecoin (CRYPTO: DOGE) investor Glauber Contessoto has refused to sell his holdings in the meme cryptocurrency despite losing his millionaire status following the selloff in the cryptocurrency market earlier in the week. read more

Has Bitcoin Found The Bottom At $29,000?

Bitcoin (CRYPTO: BTC) traded above the $33,000 level on Tuesday night after touching a low of $28,893.62 on an intraday basis. read more

Tostitos Goes After Dogecoin And Crypto Crowd With New 'Don't Buy The Dip' Promotion

Several companies have launched marketing campaigns aimed at the cryptocurrency crowd. A new campaign timed with the dip in Dogecoin could help boost brand awareness for a company. read more

Dogecoin Selloff Continues Despite Elon Musk's Attempt To Rescue The Coin

What Happened: Crypto markets entered a downward spiral after China’s central bank warned financial institutions against dealing with cryptocurrency-related services. read more