Following a pretty harsh week during which the crypto prices have been dropping like crazy, the crypto market seems to have a fresh start today.
As we already reported earlier, CoinDesk reveals that the crypto market is witnessing a relief rally on Monday, as bargain-hunting helps major coins regain some poise following last week’s drubbing.
Bitcoin, the top cryptocurrency by market value, is changing hands near $37,131 at press time, representing a 5% gain on the day. “The rise comes after a 25% decline over the week ended May 23 – the second straight weekly loss and the biggest since March 2020,” per CoinDesk 20 data.
ETH, the second-largest cryptocurrency, is trading 8% higher at $2,293 (up 7.5%), dropping by 41% over the same period – its most significant weekly decline on record.
The online publication mentioned above notes that the demand from wealthy investors looks to have brought relief to the crypto market.
“Crypto funds, macro funds, opportunistic venture capitalists are beginning to buy this dip in BTC, ETH as well as blue-chip DeFi by staggering limit orders and running longer time-weighted average prices,” crypto financial services provider Amber Group tweeted early Monday.
Optimism in the crypto space
Tyler Winklevoss also dropped a message on his Twitter account to show his optimism regarding the crypto market moves.
#Bitcoin may lose a battle here and there, but it will win the war
— Tyler Winklevoss (@tyler) May 24, 2021
Someone said: ‘Yes!! This dip would soon be over, according to my account manager!… the binary market is fluctuating.’
Another follower said: ‘Don’t get newbies even more confused, say what is 100% true: #bitcoin has been working flawlessly, and it only keeps getting better and stronger! #bitcoin is only aware of #satoshis. There’s nothing in the protocol that even remote ties it to #fiat & it is above battles & war!’
One follower dropped this message: ‘Bitcoin is a landscape of mountains and valleys until all is mined… then its smooth sailing.’