Crypto Market Rebound – The Defiant After Bitcoin’s Record Loss
Crypto bulls went to work as the US financial markets were closed for Memorial Day.
Bitcoin rallied sharply on Monday, rising 8% to $ 32,000, after closing for a record ninth week in red on Sunday. Ether has risen 10% and is trading at around $ 2,000 in New York last evening.
Overall crypto market capitalization recovered 10% to $ 1.37T after hitting a low of $ 1.24T on Friday, according to data from CoinGecko.
Top gainers
- WAVES was the best performer in the top 100 cryptocurrencies in terms of market cap, up 109% to 9.65. Dubbed ‘Russia’s Etherium’, the blockchain has faced its own challenge after being denounced as a ‘register’ by USDN Stablecoin last month.
- Play-to-earn game Axie Infinity’s AXS token has increased from 42% to $ 27.
- In the DeFi sector, AAVE, RUNE and SNX posted double-digit gains.
Relief assembly
March was the best day in the market since two months of massive sales. With the war in Ukraine and rising commodity prices, a change in monetary policy from the US Fed to keep inflation in check has had a huge impact on global risk assets. April was the worst in 50 years for the S&P 500, and technology stocks, in particular, have been batteries.
So, while there was of course a bounce, in the face of market record-breaking trends and extreme bearish sentiment, traders may want to be cautious.
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