In a deja vu trend, Ethereum Classic (ETC) and Polygon (MATIC) have reemerged as the top gainers as the cryptocurrency market regains its upwards momentum.
What Happened: ETC traded 51.03% higher at $75.76 at press time on Monday night over a 24-hour period. The cryptocurrency was up 38.42% against Bitcoin (BTC) and 23.16% against Ethereum (ETH).
See Also: How to Buy Ethereum Classic (ETC)
MATIC was in the green by 46.64% in a 24-hour period at $1.70. The blockchain scalability platform’s token traded 35.63% and 20.68% higher against BTC and ETH, respectively.
The two largest cryptocurrencies by market capitalization, BTC and ETH, traded 8.75% and 22.11% higher at $38,468.45 and $2,611.13.
It is notable that ETC is down 56.16% since its all-time high of $176.16 reached on May 6 and MATIC has lost 35.06% since its all-time high of $2.68 on May 18.
Other notable gainers included Uniswap (UNI), which traded 43.3% higher at press time at $25.01, and Terra (LUNA), which was up 41.98% at $6.26.
Why It Matters: Prior to the crumbling of the cryptocurrency markets, cryptocurrencies complimentary to Ethereum and those competing against it were surging and so were coins perceived to be “cheaper” versions of it.
This trend of perceived cheaper coins gaining ground continues as Bitcoin Gold (BTG) and Bitcoin Cash (BCH), surged 30.58% and 31.06% at press time to $62.42 and $739.73 respectively as well.
Matic’s rise before the cryptocurrency crash took place among a wider surging of Decentralized Finance or DeFi arena and the addition of new active users.
Congestion on Ethereum’s network and a high gas fee also contributed to MATIC’s rise. These factors continue to remain in play.