BNB and MATIC Lead Market Charge as Bitcoin Retraces

TL;DR

• MATIC and BNB are up by more than 9% each as the broader crypto market underperforms.

• Bitcoin briefly slipped below the $42k level as the selling pressure continued.

BNB and MATIC Rally Higher

The broader cryptocurrency market is retracing following a positive start to the week. The prices of Bitcoin and other major altcoins are currently in the red.

However, BNB and MATIC are the best performers amongst the top 20 cryptocurrencies by market cap. MATIC, the native coin of the Polygon ecosystem, is up by more than 11% in the last 24 hours and is now trading at $1.04 per coin. Over the last seven days, MATIC has surged by 33%, outperforming the other major cryptocurrencies.

Binance’s BNB coin comes in second place after rallying 9% in the last 24 hours. At press time, BNB’s price now stands at $291. However, it has yet to reclaim its fourth spot in the market after it was surpassed by Solana a few days ago.

BNB and MATIC rallies come as Bitcoin and Ether underperform. BTC briefly dropped below the $42k level on Tuesday before recovering to now trade at $42,444. It is still down by nearly 1% over the last few hours. 

With BTC and other major altcoins underperforming, the total cryptocurrency market cap has dropped by 1.7% to now stand at $1.64 trillion.