The cryptocurrency market rebounded today, with Ethereum (ETH) rallying back to around $1,550, about a 10% gain within the past 24 hours.
The surge follows a dramatic decline to a two-year low of $1,410 earlier in the week, during which ETH suffered a 27% decline in 48 hours, reports AFP.
According to data from Coinglass, approximately $370 million worth of leveraged ETH futures were liquidated over just two days.
Santiment statistics further revealed that the sell-off was driven by short-term holders, who collectively endured losses amounting to $500 million yesterday alone.
Bitcoin briefly dipped below $75,000, only to rally back to approximately $80,000 late Monday, igniting a wave of recovery across major cryptocurrencies such as XRP (XRP-USD), Dogecoin (DOGE-USD), BNB (BNB-USD), and Cardano’s ADA (ADA-USD).
The tokens saw gains of up to 10%, helping the total crypto market capitalisation return to levels not witnessed since early November.
The recovery was largely technical, as Monday’s market shakeout resulted in the liquidation of over $1.3 billion in crypto futures.
Despite its recovery, Bitcoin’s claim to be a “digital gold” continues to face skepticism.
Over the same period, this rise exceeded rivals such as Solana (12% increase) and BNB Chain (16% increase).
Unlike traditional safe-haven assets like gold, which typically appreciate during periods of market turbulence, Bitcoin has shown a tendency to trade in tandem with high-risk technology stocks.
Ethereum’s network architecture, positively, keeps proving to be robust.
On April 6, the Ethereum network’s overall value locked (TVL) peaked at 30.2 million ETH, a 22% rise over last month.
