Bitcoin and Ethereum Stage a Comeback, While These Alternative Cryptocurrencies Are Performing Even Stronger – Decrypt
Are you feeling bullish today? Crypto traders have woken up and decided to hit the “buy” button, resulting in 90% of the top 100 coins by market capitalization experiencing price jumps in the last 24 hours.
Bitcoin and Ethereum have increased by around 5% and 7% today, respectively, while many other top altcoins are performing even better. This is particularly impressive considering the recent panic period, during which Bitcoin saw its worst day since November 9, 2022, with a 14.4% drop in 24 hours.
Leading the charge among altcoins today is ONDO, the top-performing cryptocurrency in the top 100, boasting a remarkable 36.51% increase in the last 24 hours. ONDO is the governance token of the Ondo DAO, which focuses on enhancing the Flux Finance ecosystem, a DeFi lending protocol enabling users to borrow against tokenized U.S. Treasury bonds.
Other coins enjoying a positive trend today include Conflux (CFX) (+27%), JasmyCoin (JASMY) (+21.78%), and Kaspa (KAS) (+16.32%). Even the worst-performing token among the top 100, Render, has mostly been in the green today, despite a slight intraday correction of 3.5% in recent hours. Render is the token for a distributed GPU rendering network built on the Ethereum blockchain.
All tokens in the green have experienced a price increase of more than 1% today.
This rebound follows a brief panic episode where Bitcoin flash-crashed by 80% for a few minutes on BitMEX, triggering a massive sell-off. However, the leading cryptocurrency has since recovered, rising by more than 5.7% in the last 24 hours to reach its current price of $66,539.
BTC-USD. 24 hour candlesticks. Image: Tradingview
Ethereum, the second-largest crypto asset by market cap, has also seen a significant surge, with a 7% price increase to just over $3,400.
Memecoins have also reacted positively to the overall rebound. Floki has experienced a growth of 26.92% to reach $0.000227, while Bonk has seen an 11.97% increase to $0.00002355.
The overall crypto market capitalization has increased from $2.36 trillion to $2.53 trillion in the last 24 days, with trading volume consistently above the $150 billion mark, reflecting the current high interest in the crypto market among traders.
The Crypto Fear and Greed Index, indicating extreme greed among cryptocurrency enthusiasts, suggests a high level of optimism and risk appetite in the market, likely contributing to the ongoing rally.
The positive trend extends beyond the cryptocurrency market, with stock markets also showing signs of recovery. Most major global indices are in the green, with the S&P 500, Nasdaq, Russell 2000, STOXX 600, FTSE100, CAC40, and DAX all up. Markets in Asia, including the Nikkei, Kospi, and Taiwan stock market, have also seen positive growth.
The author’s views and opinions are for informational purposes only and do not constitute financial, investment, or other advice.
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