Crypto Markets Rebound as Bitcoin Hits $30,000 Once Again

  • All of the top 10 cryptocurrencies by market value were up during Monday trading
  • Cardano led the top 10 cryptocurrencies by market value with a 12% increase

Crypto markets rallied on Monday, led by prominent altcoin Cardano, while major US stock exchanges closed to honor Memorial Day.

Cardano (ADA) outperformed the top 10 cryptocurrencies by market value (excluding stablecoins, wrapped bitcoin, and lido staked ether) with a 12% gain. ADA started the day with a value of $0.4774; it was changing hands for $0.534 at noon ET.

Every other digital asset in the top 10 was also in the green, at least for today. Ether (ETH) and rival avalanche (AVAX) were up 6% at press time, while bitcoin (BTC) had added 4.5%, claiming $30,000 for the first time in a week.

Dogecoin (DOGE) rose almost 4% while Solana (SOL), polkadot (DOT), binance coin (BNB) and XRP all achieved 3%.

On the other hand, Circle’s dominance of major stablecoins Tether and USD Coin fell 4%. Bitcoin dominance was flat while Ether was up 1.6%.

US markets such as the New York Stock Exchange and the Nasdaq were closed for the day, but European benchmark indices improved along with cryptocurrencies.

Germany’s DAX rose 0.8%; the Euronext 100 for all of Europe rose 0.7%, while the FTSE 100 added 0.2%.

Overall, crypto markets are now worth 4.5% more than they were on Sunday, having gained $53 billion, according to TradingView’s Total Crypto Index, which currently values ​​all digital assets at nearly $1.26 trillion.

That is still 43% lower than the collective capitalization of cryptocurrencies recorded at the beginning of the year, when digital assets were valued in total at $2.19 trillion. It is also 25% below the market value of cryptocurrencies at the beginning of May.

So while today’s gains are surely welcome for crypto investors, all is not rosy as he walks away.

Only three of the top 10 cryptocurrencies (TRX, DOT, and BTC) were positive over the past week, and all by less than 5%. AVAX and SOL have been the worst performers over the past week, through May and into 2022, respectively having lost 53% and 46% month-to-date and 75% since January 1.

And despite today’s rallies in crypto, TRX remains the best performing top cryptocurrency in 2022. Not only was TRX up 30% in May while every other top 10 token was down, but it’s also the only one to price increased during the year. -date, having added nearly 9%.

All of the other top 10 cryptocurrencies (again, excluding stablecoins, wrapped bitcoin, and lido staked ether) have tanked an average of 48% so far in 2022.


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  • david canellis

    blocks

    Editor

    David Canellis is an Amsterdam-based editor and journalist who has covered the cryptocurrency industry full-time since 2018. He is heavily focused on data-driven reporting to identify and map trends within the ecosystem, from bitcoin to DeFi, cryptocurrency stocks to NFTs and more. Contact David by email at [email protected]

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