The cryptocurrency market is currently beset with panic and that can be seen from the selloff in Bitcoin, the world’s biggest cryptocurrency by market cap.
The news about Elon Musk possibly selling off Tesla’s stash of Bitcoin and China’s decision to ban payment companies as well as financial institutions from providing support for crypto transactions were two major factors behind the panic. While the situation with Bitcoin might seem dire, the situation with the alt coins has been quite the opposite.
Despite the bloodbath in the crypto market, many alt coins have held their own and in fact, some of those coins have even broken out impressively. It seems that crypto investors and traders are now looking to get into coins that may have underperformed in recent times and that might have sparked off the alt coin rally. The best performer among alt coins has been the Polygon token MATIC and it remains to be seen if it can continue to add to its gains even as Bitcoin continues to slide.