Bitcoin’s recovery may spark momentum that should persist this week, said one trader.
Polygon has seen a 10x rise in the number of transactions since the start of the year.
Analysts pointed to the Biden proposal to double capital gains taxes on high-income individuals as the catalyst.
Technical charts suggest a weakening trend, with altcoins rallying, as bitcoin slides toward $50,000.
As BTC's price continues lower, one possible benefit is a decrease in the crypto's volatility.
Bitcoin's share of the overall industry market capitalization has fallen as ether and other altcoins have surged in price.
Analysts say ether will become a deflationary asset after the impending EIP 1559 upgrade.
The price of bitcoin has changed little over the past 24 hours, despite the asset’s notorious volatility.
Bitcoin price takes a pit stop with ether and dogecoin stealing the spotlight.
Volumes on the CoinDesk 20 eight spot BTC venues was over $8 billion for the first time since Feb. 23.
Bitcoin nosedived to a three-week low of $52,148 during Sunday's Asian hours.
“The biggest fear for many crypto traders has always been that big governments might impose harsh restrictions on cryptocurrencies,” said one analyst.
The hype around ether is also reflected in the derivatives market.
The amount of tether on the Tron blockchain has exceeded that on Ethereum.
Also, ether continued to move higher after the Berlin Fork.