Bitcoin (BTC) looks set to post its worst monthly losses in over a decade after the crypto market crashed earlier this month to the tune of $1 billion. After tapping out at $65,000 in mid-April, Bitcoin began a gradual decline to current levels around $34,000, spurred on by negative comments from Elon Musk and a potential mining ban in China.
However, despite Bitcoin’s lackluster performance, certain altcoins have bounced back stronger than ever. These include Polygon (MATIC) which is up a huge 67% over the past week, Uniswap (UNI) up 52%, and Chainlink (LINK) with 37% gains since last Monday. The performance is a powerful indication of the cryptocurrency market’s resilience to negative news and ‘FUD’ – the community’s popular abbreviation of fear, uncertainty, and doubt.
Three Coins to Watch
MATIC is one of the newest coins to catapult into the top 50, having recently rebranded to Polygon and released the Polygon SDK. The SDK, or software development kit, allows developers to deploy ETH-compatible chains, supporting Ethereum’s new multi-chain ecosystem. Popular Shark Tank investor and billionaire Mark Cuban has helped drive interest in Polygon by announcing his support of the project. The entrepreneur who also owns the Mavericks basketball team has recently expanded his interests into cryptocurrencies, backing both Bitcoin (BTC) and Dogecoin (DOGE).
Chainlink enjoyed spectacular gains in July and August last year, helping it to achieve a place in the top 10 coins by market cap. While its price has continued to grow since, it has struggled to enjoy the same gains as some other large-cap coins like Binance Coin (BNB). After topping out at $50 per coin in early May, it fell sharply with the rest of the market, touching a low near $20. A quick recovery now sees it trading solidly in $30 territory with more growth on the horizon.
As one of the most popular DeFi trading protocols, Uniswap has managed to fare relatively well through the recent bear market, recently releasing version 3 of its platform. A recent poll found the Uniswap community in favor of deploying Uniswap V3 to the Ethereum layer 2 scaling solution Arbitrum. With a much higher transaction throughput and gas fees hundreds of times lower than current levels, Arbitrum has been highly anticipated by the DeFi community.