Ethereum leads gains after crypto rally, MATIC is unstoppable

Rally in the cryptocurrency market ever since last Friday, to the beat of Wall Street, and persisting on Monday, with notable rises in Ethereum and other altcoins such as MATIC (Polygon). Bitcoin is again facing the $22,000 level after several days in consolidation around $20,000 and total market capitalization at $990 billion.

News that Ethereum's protocol change to proof-of-participation from the current proof-of-work will take place on September 19th printed an extra boost to Ether, as it jumped to more than one-month highs above $1,400. Among the 'altcoins' MATIC, from the Polygon network, especially shines, maintaining its advance and accumulating gains of 52% during the last week, buoyed by the news that Disney chose this blockchain to participate in its accelerator program.

"Overall, there is no doubt that all the bad news is heavily discounted in the crypto space and any further news of further declines in other crypto funds or crypto projects is not able to shake prices further," commented Naeem Aslam, analyst at Avatrade. On the contrary, investors who are looking for the opportunity to get into cryptocurrencies after the sharp correction are hungry for good news, so they do not hesitate to jump on the bandwagon when potential catalysts for more buying occur, precisely as has happened in Ethereum and MATIC.

Aslam noted that this "is an important point to pay attention to because if it holds, it could seriously indicate that a cryptocurrency bottom has formed."

Russian President Vladimir Putin signed a bill making crypto payments illegal, which will be a blow to the $940 billion asset class in the world's 11th largest economy.

In other news, Russian President, Vladimir Putin, banned cryptocurrency payments in Russia. According to a July 14th political amendment, a new law has come into force that makes it illegal to pay for goods and services with cryptocurrencies.

Under the new law, which the Russian Assembly passed on July 8th, cryptocurrencies and digital securities are no longer accepted as "monetary substitutes." Therefore, they cannot be used as a means of payment. The law also bans other monetary units, leaving the ruble as the only currency accepted throughout Russia.