After a few weeks of continuous decline, major cryptocurrencies saw a revival as the crypto market added about 4.4% to overall capitalization in the past 24 hours. The king coin, Bitcoin, showed signs of bottoming out, and the traditional market showed strength at the start of this week. After about nine weeks of losses, Bitcoin regained the $31,000 level amid a relief rally in the Asian markets in the early hours of Monday. Technical data suggested that the asset may have bottomed out between the $29,000 to $30,000 range.
The biggest gainer in this recent resurgence is Cardano’s ADA token, which led gains among crypto majors with a 17% rise. On Tuesday, the token traded at over 64 cents. This gain is related to recent minting on Cardano, with over five million assets minted on Cardano and the upcoming Vasil hard fork, a network upgrade expected in June, to increase the coin’s scaling capabilities.
Ether (ETH) also added 5.8%, even as network fees reached a low. The fact that a fall in gas fees did not further lead to a decline in price, means that traders bet on the coin to revive based on the favorable general market conditions, despite a fall in ETH demands. XRP also increased by 5%. Avalanche’s AVAX and Solana’s SOL gained up to 4%. Memecoins, Dogecoin (DOGE) and Shiba Inu (SHIB) saw limited gains, rising by just 3.8% and 2.3%, respectively.
Metaverse tokens were not left out of this rise in price as Axie Infinity’s AXS rose by 46%, and The Sandbox’s SAND increased by 11%. The demand for the AXS token came as a result of the launch of the AXS origin game version in April. The rally in Asia continued on Tuesday with gains in China. Sentiment among traders in the Asian market continues to increase as Coronavirus cases in China dropped to less than 100 for the first time since March, which might lead to a broader economic recovery.
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