Crypto Markets Rebound: BTC, ETH, ADA, AXS Finally Record Gains

The recent surge in valuations provided much-needed relief for the global crypto community. Worldwide financial systems witnessed multiple key events this year including interest rate hikes to counter rising global inflation. The failure of the stablecoin crash was another. Finance experts remained optimistic about cryptocurrencies, and the current rally reflects previous forecasts of recovery.  

Crypto Surge: Cardano, Bitcoin, Ether Shine Bright 

Several crypto analysts are suggesting the recent downward spiral has finally ended, evident from digital assets recording notable gains. Cardano(ADA), Internet Computer(ICP), and Chainlink(LINK) remained the biggest gainers, while market leader Bitcoin jumped over leapfrog over 3.45% in a day, above the $31k mark. Without further ado, let us reflect upon the main events across the crypto-sphere.  

Also Read: Will Inflation Increase Global Bitcoin Adoption?

Bitcoin

The world’s first cryptocurrency, also the predominant leader in market share, finally reigned above the $31 k mark after recording losses for 9 straight weeks. The decentralized asset currently stands at $31,651.81. The contrasting opinions regarding the recent bear phase do not negate the fact that institutional investors are utilizing the opportunity to make sizable long-term investments in Bitcoin. Grayscale Bitcoin Trust, one of the largest bitcoin asset management firms, revealed an increase in its holdings to $3.541 billion. 

Ether

The world’s most widely used blockchain is currently having the lowest gas fees of all time. This can be attributed to the recent Terra crash, which may have instilled fear in the minds of NFT sellers and other crypto enthusiasts. Current transaction fees stand at $3.70 compared to the previous $38-$52. Ethereum has a present market cap of $234.88 Billion with a $616.17 million change in 24-hour transactions. The token also rose 4.06% to a valuation of $1980.54 at the time of writing. There have been warnings regarding its rebound though with Singapore-based crypto fund Three Arrow Capital transferring $60 million worth of ETH tokens(32000 to be exact) to the crypto exchange FTX. 

Also Read: Bitcoin or Ethereum: Which One’s a Better Investment?

Cardano(ADA)

Cardano has been leading the crypto revival with over a 17% rise on Tuesday. The hike was catalyzed by multiple achievements on the Cardano network, starting with the completion of 5 million token mintings. A Vasil hard fork is also scheduled for the month of June. The upcoming hard fork is an upgrade in Cardano’s network structure expected to increase scalability. The Relative Strength Index(RSI) had shown forewarnings of bottoming out, but ADA found support in the range of 45 cents. The next resistance will likely be around 80 cents. Cardano is currently hovering around 0.63, up 11%.  

Crypto Recovery: XRP, SOL, AVAX, DOGE

The current recovery is falling valuations extended to other popular crypto tokens as well. XRP Ripple(XRP) came back to the green, jumping 5.44% to $ 0.41. Solana(SOL) followed a similar path, standing at $46.20, a 1.49% hike from its previous day’s prices. Avalanche is still treading in between, presently valued at $26.89, a 0.96% rise. Meme-centric tokens dogecoin and Shiba Inu recovered from the previous week’s losses and are currently valued at $0.085 and $0.00001176 respectively. Metaverse-based cryptos like SAN and AXS grew significantly. The Sandbox SAN rallied 11%, while Axie Infinity grew 46% due to increased demands for AXS tokens following the April launch of a special “Origin” version of the game. 

Wrapping Up

The strong performance of the cryptocurrency markets can not yet be attributed to their role as inflationary hedges. The growth is indeed praiseworthy, but other than the top few options, it is still a risky time for investment.