Two of the biggest coins jump 5% as the crypto market rebounds and the market cap increases so let’s read more about it in today’s latest altcoin news.
The two of the biggest coins, Ethereum and Bitcoin both saw a 5% spike in price in the past day giving investors more hopes for a much-anticipated market recovery. Right now, Bitcoin is changing hands at $31,289 or marking a 5.2% increase over the day. The leading cryptocurrency traded at these levels on June 1st when it started the downward correction whcih brought the price above $32,000 and then below $30,000 for the weekend. Despite the latest spike, BTC is still down by 34% since the year started with the Fear and Greed Index now standing at 13, corresponding to extreme fear.
The price of ETH in the meantime hit an intraday high of $1,889 and went up by 6% as per the data on Coin marekt cap. The second-biggest cryptocurrency faces a huge uphill battle to recover from the losses since the start of the year when it traded at $3800. Ethereum’s price performance is compounded by a huge selloff in the DEFI space and in the past month, investors withdrew more than $40 billion from ETH-based apps which shrieked the total value locked from over $113 billion to 471 billion.
The major layer-1 networks like Cardano and Solana both posted double-digit gains in the past day as their tokens rallied by 13% and 11%.
As recently reported, Bitcoin stayed in a tight range as traders’ demands for a new low persisted and the data shwoed that the BTC/USD remained stuck below $29,000 and $30,000 into the weekend. The pair managed a revival to $31,000 but the last Wall Street trading session put pay to the bull’s efforts. The “out-of-hours” markets offered some thin volumes but almost no volatility as the eyes were on the potential direction of what would be an inevitable breakout.
Others planned to make the most of incoming weakness like the popular Twitter account Cryptotoad which annoucned a new strategy of accumulating $27,000 and under in what was a swing low for BTC/USD. Other sources were eyeing lower lows for BTC ranging from the on-chain analysts to the well-known pundits like Arthur Hayes, the former BitMEX CEO.
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