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