MATIC is the most impressive gainer from the larger-cap altcoins, while bitcoin managed to sustain above the coveted $20K level.
The cryptocurrency market went through another volatile trading day following Fed Chair’s latest comments, but BTC managed to remain above $20,000. Most altcoins have also seen some gains, while MATIC has stolen the show with a massive 25% surge.
Bitcoin Stands Above $20K
The past weekend was one of BTC’s worst in terms of price movements as the asset plummeted to an 18-month low of $17,500. This came after losing almost 50% of its value in less than ten days.
However, the bulls stepped up at this point and didn’t allow any further declines. Just the opposite, they pushed the asset north, and bitcoin found itself trading above $20,000 on Monday.
It even spiked to north of $21,500 but failed at that point and retraced by around $1,000. Then came Fed Chair’s comments to US Congress, in which Powell said the central bank will continue raising interest rates to try to combat inflation.
Upon delivering the news, bitcoin started dropping and dipped below $20,000, but that was short-lived. As of now, the asset stands above that line, and its market capitalization is close to $400 billion.
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