Bitcoin up 20% from Sunday low, altcoins gain up to 50%
15:17, 24 May 2021
Bitcoin’s recovery after Sunday’s bloodbath gained some muscle on Monday afternoon as its price briefly rose over $38,000 before stabilising at around $37,500 as of 15:42 BST (UTC+1).
The world’s leading digital currency gained over 20% from Sunday’s low ($31,227) but was still 15% lower than last Monday, when it was trading at more than $44,000.
The other top cryptocurrencies recorded even stronger recoveries on Monday, but they were also more severely hit by last week’s sell-off. Ethereum (ETH) went above $2,400 on Monday afternoon, gaining almost 40% compared with Sunday’s low ($1,738). Still, ETH is down 29% over the last seven days.
Bounce-back erases only part of last week’s losses
Binance (BNB), which powers the biggest cryptocurrency exchange, climbed back to fourth place in the crypto ranking after surging 50% from Sunday’s low – from $213 to $320. However, it has still fallen 40% over the past seven days.
Cardano (ADA) and polkadot (DOT), ethereum’s top competitors, also traded up almost 50% on Monday compared with Sunday evening. Over the last seven days, ADA was down 29% and DOT was 48% lower.
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Recovery supported by higher volumes
Last week’s rout created buying opportunities for investors who are long on cryptocurrencies. Thus, the price gains on Monday were also supported by slightly higher trading volumes. The turnover in the crypto market over the past 24 hours reached $227bn on Monday afternoon, up from $174bn a day earlier, according to Coinmarketcap.com data.
However, as volatility remains high and the technical analysis signals are mostly bearish, most traders are still reluctant to get back on the wagon. The Crypto Fear & Greed index has dropped to its lowest level in the past 12 months and continues to signal 'Extreme Fear', according to Bybt.com.
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Read more: Cryptocurrencies find support after volatile week
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