Despite recent market turmoil caused by the USDC depeg and SVB liquidation, Ethereum, the second-largest cryptocurrency by market capitalization, has been on a strong uptrend after making its largest comeback in 250 days.
Contents:
- Cardano begins to gather traction.
- The unexpected recovery of BLUR.
Ethereum has risen more than 17% in value over the past three days, a substantial rebound after losing approximately 14% of its value in the previous week. The recent infusion of $1 billion into a market stabilization fund used for buying BTC, ETH, and BNB could be linked to the price recovery in Ethereum. The measure was intended to stabilize the cryptocurrency market and increase investor confidence.
The recent market instability triggered by USDC and SVB liquidation produced tremendous volatility in the cryptocurrency market, resulting in a sharp drop in the value of key cryptocurrencies, including Ethereum.
However, with the infusion of funds into the market stabilization fund, the price of Ethereum has significantly rebounded, as investors regained trust in the market. Ethereum’s performance in recent days has been spectacular, with the cryptocurrency increasing in value by more than 17%, the greatest gain in 250 days.
Cardano is gaining traction.
As the crypto market recovers from the recent turmoil triggered by the USDC depeg and SVB liquidation, Cardano (ADA) has experienced a spike in open interest. Investors are returning to the market and funding their positions to maximize their profits, increasing demand for risky assets like ADA.
While Cardano may not be the first pick for speculative traders, the increase in open interest may add to the asset’s price recovery. The total number of outstanding contracts that have not yet been settled is known as open interest, and it is used to evaluate market sentiments.
The spike in open interest for Cardano follows a period in which the cryptocurrency lost more than 27% of its value at the end of February and the beginning of March. But, the recent cryptocurrency market recovery has allowed Cardano to recover, and it has gained more than 23% in value to return to last month’s highs.
The unexpected recovery of BLUR
The BLUR token, which has been under continuous pressure for months, has made an unexpected rebound in recent days. The token has been facing a huge challenge as a result of the upcoming airdrop, which is likely to put significant downward pressure on the price. This is because regular investors hold a big portion of the token’s supply and are likely to sell as soon as they receive the airdrop, thus lowering the price.
Despite these difficulties, the BLUR token has recently recovered. Many in the cryptocurrency industry were surprised by this, as they anticipated the token to continue to face pressure in the run-up to the airdrop. The BLUR token has risen more than 10% in the last 24 hours, achieving a market valuation of more than $20 million at the time of writing.
Several variables can be contributed to the BLUR token’s recovery. Generally, the cryptocurrency market has been performing strongly in recent days, which has boosted the value of numerous tokens, including BLUR. As a result, more investors have returned to the market in order to maximize their returns and finance their positions.
Disclaimer: Please note that the opinions expressed here are not investment advice – they are only for informational purposes. This article does not necessarily reflect the opinions of Crypto Mufasa. Every investment and all trading involves risk, so perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.