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Crypto markets rally as Bitcoin reclaims $30,000
Every top 10 cryptocurrency by market value rose during trading on Monday 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 exchanges were closed in honor of Memorial Day. Cardano (ADA) outperformed the top 10 cryptocurrencies by market value (excluding stablecoins, wrapped Bitcoin and Lido Staking Ether) with a gain of 12%. ADA started the day at $0.4774; it changed hands for $0.534 by noon ET. All other top 10 digital assets were also in the green, at least for today. …
Crypto markets rally as Bitcoin reclaims $30,000
- Jede Top-10-Kryptowährung nach Marktwert stieg während des Handels am Montag
- Cardano führte die Top 10 der Kryptowährungen nach Marktwert mit einem Anstieg von 12 % an
Crypto markets rallied on Monday, led by prominent altcoin Cardano, while major US exchanges were closed in honor of Memorial Day.
Cardano (ADA) outperformed the top 10 cryptocurrencies by market value (excluding stablecoins, wrapped Bitcoin and Lido Staking Ether) with a gain of 12%. ADA started the day at $0.4774; it changed hands for $0.534 by noon ET.
All other top 10 digital assets were also in the green, at least for today. Ether (ETH) and rival Avalanche (AVAX) were up 6% at press time, while Bitcoin (BTC) gained 4.5% to hit $30,000 for the first time in a week.
Dogecoin (DOGE) rose almost 4%, as did Solana (SOL), Polkadot (DOT), Binance coin (BNB) and XRP gained around 3%.
On the other hand, the dominance of the leading stablecoins Tether and Circles USD Coin fell 4%. Bitcoin’s dominance remained unchanged, while Ether gained 1.6%.
US markets such as the New York Stock Exchange and Nasdaq were actually closed for the day, but European benchmark indices improved alongside crypto.
The German DAX rose 0.8%; the pan-European Euronext 100 rose 0.7%, while the FTSE 100 rose 0.2%.
Overall, crypto markets are now worth 4.5% more than Sunday after adding $53 billion, according to TradingView's Crypto Totals index which currently values all digital assets at nearly $1.26 trillion.
That's still 43% less than crypto's collective capitalization at the start of the year, when total digital assets were valued at $2.19 trillion. It is also 25% below crypto’s market value in early May.
So while today's gains are certainly welcome for crypto investors, not everything is rosy when you zoom out.
Only three of the top 10 cryptocurrencies – TRX, DOT and BTC – were positive last week, and all by less than 5%. AVAX and SOL are the worst performers in May and 2022 in the past week, having lost 53% and 46%, respectively, month-to-date and 75% since January 1.
And despite today's crypto rallies, TRX is still the top performing cryptocurrency in 2022. Not only is TRX up 30% in May while all other top 10 tokens are down, it is also the only one that has increased in price over the year-to-date, having added nearly 9%.
All other top 10 cryptocurrencies (again excluding stablecoins, Wrapped Ether and Lido Staking Eth) have plummeted by an average of 48% so far in 2022.
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The post Crypto Markets Rally as Bitcoin Reclaims $30,000 Once Again is not financial advice.