Cryptos surge as relief rally gathers steam; Polygon surges to ATH

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.

We arrived on the mothership , now full speed ahead ! #ARRR #PirateChain pic.twitter.com/5GeAiCWnSF

— Freddy from the hood (@FromFreddy) April 25, 2021

MATIC

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

#MATIC breakouts but it needs to push pass 0.54 as it will, it’ll be new era #MATICNetwork #crypto https://t.co/6oev1PiHQz pic.twitter.com/IvgUkIxuZo

— Eunice D Wong (@Eunicedwong) April 26, 2021

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.

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.