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.

Crypto markets

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.



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.

Polygon says it is trying to transform Ethereum into a multi-chain ecosystem.

Tesla sells Bitcoins

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.

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.