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BTC Decline Opens Door for Altcoins To Shine

Bitcoin’s (BTC) price has dropped along with the global market cap in the past 24 hours. At press time, CoinMarketCap indicated that the total market cap stood at $1.4 trillion after it experienced a 0.38% decline since yesterday. BTC’s recent decline could, however, open some doors for tokens like Polygon (MATIC), Memecoin (MEME), and Big Time (BIGTIME).

BTC / Tether US 1D (Source: TradingView)

Throughout the past 24 hours, BTC’s price slipped by 0.49%, which left it trading hands at $36,667.05. The market leader’s 24-hour trading volume rose by more than 42%, boosting it to $18,366,217,013, but this was likely due to an increase in sell volume.

Despite its latest stumble, BTC’s weekly performance was still up by about 4.47%. Additionally, the cryptocurrency’s price was up by over 37% on its monthly time frame as well.

Meanwhile, it seems that altcoins such as MATIC, MEME, and BIGTIME are already reaping the benefits of BTC’s decline. Furthermore, all three tokens secured themselves a spot on CoinMarketCap’s trending list.

MATIC / Tether US 1D (Source: TradingView)

MATIC saw its price climb by just under 6% throughout the past day of trading. As a result, the altcoin was trading hands at $0.9296 after it was able to set a daily high price of $0.9512. The rise in MATIC’s price also pushed its weekly performance by over 79.77%.

MEME / Tether US 1D (Source: TradingView)

MEME experienced a massive 71.95% price surge in the past 24 hours. This pushed up the token’s trading value to $0.03721. Earlier this month, the meme coin was hot news after its price skyrocketed 2,500%. This was most likely due to an “airdrop craze,” with 2.35 billion MEME tokens requested, accounting for about 13.6% of the token’s supply.

The memecoin’s latest price surge could have been caused by FOMO from traders who rushed to get in on the craze surrounding MEME after its airdrop went viral. In just the past week, MEME’s price was also able to climb by over 88%.

BIGTIME / Tether US 1D (Source: TradingView)

BIGTIME also turned a few heads in the market as it was worth $0.1807 after its price climbed 17.24% in a day. On its weekly time frame, BIGTIME was also in the green by over 15%. However, the altcoin’s monthly performance was still down by about 29%.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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