MATIC, HNT and XLM climb as altcoins attempt to sustain recovery

After a week-long downfall, notably marked by the downsizing of the crypto market cap from $2.4 trillion to $1.45 trillion, the global cryptocurrency market is slowly getting on the road to recovery.

While it is true that leading digital currency bitcoin took the hardest of hits as its market cap was almost cut in half, some altcoins also went into a freefall.

But Monday looked like a very promising sign of a profitable week, with most cryptocurrencies trimming their losses, and with three tokens namely Stellar (XLM), Polygon (MATIC), and Helium (HNT) making the most significant moves.

Climbing up out of deep fall

The blockchain network Stellar’s native cryptocurrency XLM exhibited a tremendous sign of revival today after falling to a low of $0.3035 from its previous 7-day high of $0.7. While it is still almost 54% below its all-time high of $0.9381 attained three years ago, its current price of $0.4308 indicates better days ahead.

Meanwhile, MATIC, the native currency of Polygon, may very soon move to retest its all-time high of $2.68 after climbing by 40% today to trade at $1.46. Before the historic crypto market collapse, it had a short-lived run to become one of the most valuable digital currencies by market capitalization.

Finally, Helium, a network for the Internet of Things (IoT) devices, saw its native token HNT grow by more than 34% over the past 24 hours to establish a current price of $14.70. While it is significantly lower than its all-time high of $21.17 set two months ago, it is far better than its intraday low of $8.42.

Needing a consistent recovery

Pundits believe that in order for the crypto market to sustain this recovery and return to a bullish run, it should decouple itself from the influence of market movers like Tesla’s Elon Musk and China which possesses centralization of power related to mining.

Then and only then will the crypto market be able to sustain whatever gains it makes.

 

Image courtesy of Cointelegraph News/YouTube

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