The crypto market witnessed a decent rebound of approximately $150 billion over the weekend after altcoins saw strong growth. While BTC and ETH fell behind other digital assets in terms of price gains, both cryptocurrencies held onto key price levels of $50,000 and $4,000, respectively, but the spotlight was on Polygon (MATIC).
MATIC jumped above $2.90 on Sunday and touched its all-time high of $2.92. However, Chainlink (LINK) breached the mark of $23.5 and witnessed its highest level in more than three weeks. In terms of weekly performance, LINK is up by over 35% while LINK’s value has increased by almost 26%.
In addition to LINK and MATIC, Cardano (ADA) and Polkadot (DOT) has also seen noticeable gains in the last seven days. ADA has climbed by 25%, and DOT has spiked by nearly 30% in the last week.
“Chainlink regained the $23 threshold in the early hours to start the week. This comes as the crowd has had the most sustained negative sentiment toward the asset since October. As long as euphoria is limited and FUD is high, LINK can thrive. MATIC got a new all-time high of $2.90, and address activity continues to show the increased action and interest surrounding the Polygon Network,” crypto analytics platform Santiment mentioned.
Crypto Optimism
After a record-breaking year, the crypto assets have seen a massive correction in the last few weeks. However, the market is now stabilizing near the $2.3 trillion mark. Several crypto analysts termed the recent crypto correction a ‘healthy move’ for the long-term growth of the digital asset ecosystem.
“There are hundreds, possibly thousands, of crypto hedge funds worldwide. My guess is a large number of them went market-neutral in late November to lock in 2021’s amazing gains and their carried interest. I expect short positions to get closed out after midnight, Dec 31,” Vinny Lingham, Chairman CIVIC, recently tweeted.
