Bitcoin breaks $US55k, briefly; Polygon soars ahead of Coinbase listing

There’s just one burning question confronting cryptocurrency enthusiasts at the moment: bullish, or SUPER bullish?

While Bitcoin had pulled back slightly after breaking through the $US55,000 mark around 11am AEDT, it was still up around 0.8 per cent to $US53,950 ($70,500) at 1.37pm. (Its all-time high of $US58,640 was hit 16 days ago.)

#bitcoin is heading to $60k my friends 🚀

— Peter McCormack (@PeterMcCormack) March 9, 2021

Stimulus bill: $1,900,000,000,000

Bitcoin market: $1,010,000,000,000

They created more dollars out of thin air than the total value of the bitcoin market.

We are still so early.

— Pomp 🌪 (@APompliano) March 9, 2021

Overall, of the top 100 crypto-coins on Coingecko, 56 had gained ground in the last 24 hours, while 31 had lost it. Ethereum was down 2.3 per cent to $US1,800 ($2,350).

Polygon hits US32c

The best performer has been Polygon (Matic), which gained 32 per cent to US29.9c ahead of its listing on Coinbase Pro

Inbound transfers for MATIC, SKL and SUSHI are now available in the regions where trading is supported. Traders cannot place orders and no orders will be filled. Trading will begin on or after 9AM PT on Thursday March 11 , if liquidity conditions are met. https://t.co/iKHfczZmp7

— Coinbase Pro (@CoinbasePro) March 9, 2021

Around lunchtime Matic hit an all-time high of US32.3c, up from less than US2c at the start of the year.

The token is used to pay for transactions on the Polygon network, a layer 2 scaling solution for the congested Ethereum network that’s being developed by programmers in India.

Bitmax Token, THORChain, Kusama, FTX Token, Theta Network and Decentraland have also hit all-time highs in the past 24 hours, according to Coingecko.

The worst performer in the past 24 hours has been Enjin Coin, apparently taking a breather after several days of very strong gains. It was down 14.8 per cent to $US1.60 this afternoon – still about double its value from a week ago.