Even though there was still a lot of uncertainty, the cryptocurrency market went up on Monday. But investors worry that if optimism stays high, it could cause the new asset class to fall even more.
Ethereum stayed at $1,000, while Bitcoin went over $20,000. The five-year gains of the largest cryptocurrencies have been wiped out.
Except for stablecoins, all crypto tokens rose in value on Monday, except for stablecoins. Dogecoin went up by almost 13%, and Ethereum was trading at a 12% gain. Bitcoin, Solana, Avavalance, and Shiba Inu all went up by between 6 and 8%.
In the last 24 hours, the total value of all cryptocurrencies on the market reached $885.71 billion, which is a rise of more than 7%. But the total amount of cryptocurrency trades dropped by about 11% to $79.09 billion.
Bitcoin lost a lot of value when it fell below $20,000 for the first time since December 2020. At the time of publication, the largest cryptocurrency by market capitalization was trading at $18,984.1, after having hit a low of $18,735.00
When Terra’s terraUSD fell, many investors rethought their plans to buy stablecoins. The algorithmic stablecoin tied to the US dollar turned out to be less stable than expected, which scared investors in all stablecoins.