Cryptos surge as relief rally gathers steam; Polygon surges to ATH
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Crypto markets are in full rally mode this morning with many making double-digit gains and Polygon (MATIC) surging to a new all-time high on increased demand for Ethereum scaling solutions.
At 11.25am AEST, Bitcoin was trading for $US53,245 ($69,200), up 6.0 per cent from 24 hours ago, while Ether was changing hands at $US2,482 ($3,230), up 3.9 per cent.
Just 10 of the top 100 crypto-assets had declined in the past 24 hours, with Solana the worst laggard, dipping 3.5 per cent to $US45.48 after a red-hot performance in recent days.
Waves was the top performer, up 61.7 per cent to $US21.63, with privacy coin Pirate Chain in second – up another 50.5 per cent to $US9.49.
The little known coin, a fork of ZCash that is anonymous by default, was changing hands at the start of the month at less than US30c.
— Freddy from the hood (@FromFreddy) April 25, 2021
Polygon was up 38.2 per cent to US57.7c meanwhile, as several new projects launched on the Ethereum layer 2 solution. It set an all-time high of US58.8c earlier this morning, up from US1.8c at the start of the year.
Price discovery is such an exciting time… $matic but this is a long hold and has massive things in the near future. This team knows what they are doing and are solving everyday problems. Creating a crypto environment that is a much better place. #Bitcoin #matic
— No Paper Hands (@nohalfsends9) April 27, 2021
— Eunice D Wong (@Eunicedwong) April 26, 2021
Polygon says it is trying to transform Ethereum into a multi-chain ecosystem.
Meanwhile Tesla Motors (NASDAQ:TSLA) disclosed, while releasing its first-quarter financial results, that it had sold 10 per cent of its Bitcoin holdings.
Tesla said it had sold $US272 million worth of Bitcoin, making a profit of $US101 million.
No, you do not. I have not sold any of my Bitcoin. Tesla sold 10% of its holdings essentially to prove liquidity of Bitcoin as an alternative to holding cash on balance sheet.
— Elon Musk (@elonmusk) April 26, 2021
The electric car company said it had spent $US1.5 billion on digital assets (presumably just Bitcoin) during the quarter and had net digital assets of $US1.331 billion when the quarter ended on March 31.
Tesla has made more profit by selling bitcoin than in 14 years of selling cars.
— Documenting Bitcoin 📄 (@DocumentingBTC) April 26, 2021