Altcoins bag double-digit gains as Bitcoin price approaches $37,000
MATIC, SUSHI and CAKE soar after Bitcoin bulls finally press the price above the $35,000 resistance.
Cryptocurrency prices surged on June 29 as Bitcoin (BTC) price pushed through the $35,000 resistance level and lifted the total market cap by $93 billion, with $50 billion of that total flooding into altcoins.
Bitcoin put on a 7% gain on the day to climb back above $36,000 and leading traders to expect a rally to the $38,000 to $41,000 level if (BTC) can flip the $35,000 level into support.
As the market turned green, data from Cointelegraph Markets Pro tracked notable bullish developments in a number of select altcoins including Polygon (MATIC), SushiSwap (SUSHI) and PancakeSwap (CAKE).
The first coin that has been gaining traction lately is Polygon (MATIC), an Ethereum (ETH) network layer-two solution, whose price has increased 35% since its swing low price of $0.93 on June 22 as BTC crashed below $29,000.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for MATIC on June 27, prior to the recent price rise.
As seen on the chart above, the VORTECS™ Score for MATIC hit 80 and turned green on June 27 just as the price of MATIC began to rally 21% from $1.03 to $1.25 over the next 48-hours.
The NewsQuake™ alert system caught the news of MATIC being listed at OKEx on June 28 and this was followed by a rise in the VORTECS™ Score to a high of 91 and a price rally of 10% on June 29.
SushiSwap (SUSHI) was also identified as a strong mover by Cointelegraph Markets Pro after the asset’s VORTECS™ Score turned bullish.
As seen in the chart above, market conditions for SUSHI have been favorable for some time with its VORTECS™ Score turning dark green and registering a score of 80 on June 27, just four hours before the price increased 30% from $6.47 to $8.45 over the next two days. SUSHI’s price is now up 42% from its swing-low price of $3.96, which occurred on June 22.
Data from Cointelegraph Markets Pro also signaled a bullish VORTECS™ Score for PancakeSwap (CAKE), a Binance Smart Chain-based automated market maker and decentralized exchange.
VORTECS™ Score (green) vs. CAKE price. Source: Cointelegraph Markets Pro
As seen on the chart above, the VORTECS™ Score for CAKE has been in the green for the majority of the past week, with a score of 72 registering on June 27, roughly five hours before its price began to rally 21% from $11.83 to $14.44 over the next two days. CAKE’s price is now up 50% from its swing-low price of $9.64, which also occurred on June 22.
Bitcoin breaks above $36,000
The strength seen across the altcoin market the past two days is in large part thanks to the strong performance of Bitcoin, which finally pushed above the $35,000 resistance and currently trades at $36,400.
Data from Cointelegraph Markets Pro and TradingView shows that after trading in a range between $35,300 and $33,850 on Monday, the price of Bitcoin climbed 6.65% on Tuesday from a low of $34,200 to an intraday high at $36,509.
Traders have now set their sights on the $41,000 resistance level as the next obstacle to overcome in the short term.
The overall cryptocurrency market cap now stands at $1.48 trillion and Bitcoin’s dominance rate is 46.1%.