On June 29, cryptocurrency prices rose as Bitcoin ( BTC ) price broke through the $35,000 resistance and raised the market cap to $93 billion. $50 billion of this total was flooded into altcoins.
Bitcoin gained 7% on the day to rise above $36,000. This led traders to expect a rally up to the $38,000-$41,000 level if ( Bitcoin) is able to flip the $35,000 support level.
The market went green as Cointelegraph markets Pro data tracked notable bullish developments within a selection of altcoins, including Polygon (MATIC), SushiSwap(SUSHI) or PancakeSwap/CAKE.
Polygon (MATIC), an Ethereum layer-two solution (ETH ) that is gaining popularity, has seen its price rise 35% since June 22, when it was $0.93. This happened as BTC fell below $29,000.
VORTECS(tm), data from Cointelegraph Markets Pro started to detect a bullish outlook on MATIC on June 27th, prior to the recent price increase.
The chart shows that the VORTECS(tm), Score for MATIC was 80. It turned green on June 27, just as MATIC's price began to rise 21%, from $1.03 per unit to $1.25 in the following 48 hours.
The NewsQuake(tm), an alert system, caught MATIC's listing at OKEx on June 28, and was followed by a rise of the VORTECS (tm) Score to a peak of 91 and a rally in price of 10% on June 29.
Cointelegraph Markets Pro also identified SushiSwap as a strong mover after the asset's VORTECS (tm) Score became bullish.
The chart shows that market conditions have been favorable for SUSHI for some time. Its VORTECS(tm). Score turned dark green on June 27 and registered a score 80 on June 27. This was just four hours after the price rose 30% from $6.47 - $8.45 in the following two days. SUSHI's current price is up 42% over its swing-low of $3.96 on June 22.
Data from Cointelegraph Markets Pro also indicated a bullish VIRTICS(tm) Score of PancakeSwap, a Binance Smart Chain-based automated marketplace maker and decentralized exchange.
The chart shows that CAKE's VORTECS(tm), Score has been in the red for most of the week. It registered a score 72 on June 27th, roughly five hours before the price surged 21% from $11.83 - $14.44 over two days. CAKE's current price has risen 50% from its swing low of $9.64 on June 22.
Bitcoin rises above $36,000
The strong performance of Bitcoin is a major reason for the strength in altcoin markets over the past two days. It has pushed through the $35,000 resistance and now trades at $36,400.
Cointelegraph Markets Pro and TradingView data show that Bitcoin prices rose 6.65% Tuesday after trading in a range of $35,300 and 33,850 on Monday. From a low at $34,200, to an intraday high of $36,509, it climbed 6.65% to $36,509.
Traders now see the $41,000 resistance as the next hurdle to overcome in the near term.
The total cryptocurrency market is now worth $1.48 trillion, and Bitcoin's dominance rate at 46.1%.