Home Cryptocurrency Crypto Markets Rebound After Bitcoin’s Lose Its Streak

Crypto Markets Rebound After Bitcoin’s Lose Its Streak


U.S. financial markets remained closed for Memorial Day while Crypto bulls went to work. 

On Monday, after closing for a record ninth week in the red on Sunday, Bitcoin ascended sharply, gaining 8% to $32,000. Ether is up 10%, trading at around $2,000 in late evening.

As a whole, crypto market capitalization has recovered 10% to $1.37T after hitting a low of $1.24T on Friday, according to CoinGecko.

Top Gainers

  • In the top 100 cryptocurrencies, WAVES was announced as the best performer by market cap, up 109% to $9.65. Dubbed ‘Russia’s Ethereum’, the blockchain’s USDN stablecoin has faced its own challenges after being labeled as a ‘Ponzi’ last month.
  • Play-to-earn game Axie Infinity’s AXS token went up by 42% to $27.
  • AAVE, RUNE and SNX have posted double-digit gains in the DeFi sector. 

Relief Rally

Since March, markets had their best day after two months of rapid decline. Global risk assets have taken a big hit by the increase in commodity prices, reversal of accommodative monetary policy from a U.S Fed looking to rein in inflation and coupled with the war in Ukraine. The S&P 500 have been battered at its worst April in 50 years and tech stocks.

As a result, traders may want to remain cautious, given the markets’ record losing streak and extreme bearish outlook

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