LINK, MATIC, ETH Rise as Altcoin Market Gets Capital Injection

The majority of the cryptocurrency market printed gains throughout the past trading day. At press time, CoinMarketCap data indicated that the market’s collective capitalization rose 0.18% during this period. Despite this slight increase over the past 24 hours, traders and investors were unable to reach consensus regarding which direction the market should move in.

Most notably, the market leader Bitcoin (BTC) saw its price drop 0.37% over the past 24 hours, while the largest altcoin in terms of market cap, Ethereum (ETH), was able to achieve a 0.86% gain during the same period. As a result, BTC was changing hands just below the psychological $27K mark at $26,933.43. Meanwhile, ETH’s price stood at $1,673.28 at press time.

Most of the capital that entered the market throughout the past 24 hours seems to have been directed towards altcoins, as Polygon (MATIC) was also able to achieve a daily gain. CoinMarketCap indicated that the altcoin’s price rose 0.44%. This latest increase pushed MATIC’s weekly performance to +0.82% as well, and boosted its price to $0.5258.

Despite the increase in price, MATIC did see its 24-hour trading volume drop 9.10%. Consequently, the cryptocurrency’s total volume across all exchange platforms was estimated to be just over $235 million at press time.

Daily chart for LINK/USDT (Source: TradingView)

It was Chainlink (LINK) that stole the show during the past 24 hours, as it printed an impressive 4.47% gain during this period. This latest gain pushed the altcoin’s standout weekly performance deeper into the green zone. Subsequently, LINK’s price was up 15.69% over the past 7 days, and stood at $8.12.

LINK’s 24-hour gain led to it earning a spot on CoinMarketCap’s trending list as well. At press time, the cryptocurrency occupied the 5th spot on the list. This ranked it 1 position below Terra Classic (LUNC) and just above the popular meme coin Shiba Inu (SHIB).

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