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Last week’s massive crypto market correction, which saw Bitcoin and Ether declining by more than 50 percent from their recent all-time highs, appears to be over. BTC, ETH, and other cryptos posted sizable gains by Monday.
Bitcoin’s price rose on Monday after falling to around 31,000 last week. At the time of writing, BTC traded at $38,216.61 based on Coindesk data.
The crypto gained 15.35 percent for the past 24 hours. Its market cap likewise improved and was valued at around $713 billion.
Ether, the native crypto on the Ethereum blockchain and the world’s second-largest cryptocurrency by market cap, saw significant gains as well. ETH traded at $2,411.77 at the time of writing, a significant recovery considering that it traded below $1,800 on Sunday.
ETH’s price surged by an impressive 26.54 percent in the past 24 hours. The crypto’s market cap also rose to around $280 billion with the recent price surge.
With the exception of a few lesser-known coins, most cryptos were trending upward on Monday, according to CNBC. For instance, XRP is up 19.55 percent for the past 24 hours, ADA is up 28.82 percent, XLM surge by 36.02 percent, UNI climbed 38.8 percent, and LTC post a gain of 20.94 percent for the past 24 hours.
Institutions and wealthy investors led the charge as they buy the dip and accumulate more coins. “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 said on Monday, according to Coindesk.
This trend shows that large investors remain long-term bullish on Bitcoin despite the environmental and regulatory concerns that were highlighted last week. “The long-term thesis for crypto remains unchanged. Inflation, decentralization, privacy, programmability, seizure-resistance, and censorship-resistance…these are the secular drivers of adoption,” investor Balaji Srinivasan said.
