The crypto market looks pretty good at the end of this weekend. Check out the latest reports that have been just released about the state of an important digital asset.
Polygon vs Bitcoin
A popular crypto analyst says the top-ten altcoin Polygon (MATIC) appears on track to hit an all-time high against Bitcoin (BTC).
Pseudonymous digital asset trader Crypto Kaleo said that blockchain scaling solution Polygon looks bullish against Bitcoin (MATIC/BTC) after retesting a key diagonal resistance as support.
“MATIC/BTC has still been slowly grinding higher in this range. Zooming out, the plan remains the same. New all-time high imminent.”
Based on the trader’s chart, he appears to be predicting a sharp rally for MATIC/BTC en route to a fresh all-time high around 0.00007 BTC ($1.20).
Kaleo also addressed Bitcoin, predicting that BTC will rally above $18,000 after a slight pullback below $17,000 in the coming days.
“They said it was going to zero but we’re back at the range highs. $18,000 is a magnet.”
At the moment of writing this article, BTC is trading in the green, and the king coin is priced at $17,159.
Kaleo also analyzed the peer-to-peer payments network Litecoin (LTC), saying its run against Bitcoin (LTC/BTC) is not yet over.
“LTC/BTC ratio finished retesting the recent highs this weekend. Still expecting Litecoin to continue to outpace the market in the near future.”
One crypto sector to rise
It’s been just revealed that ARK Invest founder and CEO Cathie Wood is predicting that the high-profile implosion of FTX will be a boon for one crypto sector.
Wood said in a recent interview that the collapse of FTX and other crypto firms would boost decentralized finance (DeFi) networks.
“We do believe DeFi will actually get a boost coming out of this because it’s so obvious now – decentralized and transparent is the way to go.”
