Ethereum And BTC Stage Rebound With Most DeFi Tokens Rallying

Ethereum and BTC stage a rebound with most DEFI tokens rallying alogn the way as we can see more today in our latest altcoin news.

Ethereum and BTC stage a rebound as the two biggest coins by market cap recovered by 3% in the morning after starting the week in a free fall. BTC and ETH recovered a little after starting the week below $40K and $3000. BTC was trading at $42,067 and ETH at $3,148 as of Wednesday morning. Since then, they retraced to around $41,860 and $3130 up by 2% and 2.4% on the day. The two biggest cryptocurrencies made a gradual comeback now that the deadline for the US investors to file their taxes passed. The tax day became a regular source of turbulence for crypto with investors selling at a loss to offset the capital gains on the other assets.

BTCUSD. Source TradingView

The traditional markets were floundering as well as the S&P 500 and NASDAQ were quite flat and fell at the start of the month. The DEFI market saw some modest gains over the past day as the broader crypto market did too but there were some great performers. LUNA from the Terra network, increased by 6% over the day and the network and the LUNA token was making headlines as the foundation accumulated BTC and other cryptocurrencies into its treasury to back the UST Stableocin.

The reserve wallet had a balance equal to $2.6 billion held in USDC, LUNA, and USDT. In the meantime, Thorchain’s RUNE increased by 7% and is trading at $9.30 and aAVE is up by 13%, trading at $193,84.

As recently reported, Bitcoin erased the losses from the start of the week and spiked to a ten-day high as well above $42,000. Ethereum followed suit in a similar move but on a daily scale, most of the market calmed down and Monero is still among the few impressive gainers. Following the calm weekend, where BTC stood around $40,000 without any decisive moves in either direction, the landscape changed eventually. BTC touches $42K while ETH recorded a 10-day high but BTC did break below the $40K and dumped a monthly high of around $38,500 however this is where the bulls stepped up.

crypto market
Cryptocurrency Market Overview. Source Quantify Crypto

Bitcoin also started regaining value and found itself above the $40,000 price line hours later but then it continued to increase slowly and spiked above $41,000. In the past day, the crypto market made another milestone by surpassing the January 2021 ATH of $42,000 but as of now, it stands under the level and its market cap neared $800 billion.

Go to Source
Author: Stefan