Excluding stablecoin USDC, cryptocurrencies traded with massive gains on Monday. Avalanche gained over 13%, while Shiba Inu and Cardano noted double-digit surges. Solana and Polkadot soared 9% each.
The crypto market stretched the massive rebound observed yesterday to the new week. Nevertheless, market experts expect the crypto market to remain weak. That means most asset will likely surrender their gains in the coming days.
Excluding stablecoin USDC, crypto-assets hovered with impressive gains today. Avalanche recorded an over 13% leg up, while Shiba Inu and Cardano saw double-digit upticks. Moreover, Solana and Polkadot gained 9% each.
Upside movements on Monday had the global crypto market pushing higher. While publishing this blog, this metric stood above $1.26 trillion, following an over 5% increase within the past day. On the other hand, the overall crypto trading volume gained more than 8% to $55.28 billion.
CoinDCX Research Team stated risk assets continue to see fading appetite, with Asian tech stocks losing $63 billion in 2022. Cryptos’ correlation with technology stocks had digital currencies crashing, with BTC heading for its 9th successive weekly loss.
Moreover, most investors leaned towards money preservation amidst global growth uncertainty as supply chain issues and hiked interest rates remain dominant narratives within the marketplace.
Uniswap achieved two vital milestones this month. The DEX hit about 3.9 million users as its volume topped $1 trillion. WazirX stated that exchanges are hitting impressive milestones regardless of the volatile markets. Moreover, Uniswap Labs revealed plans to expand the DEX into two chains compatible with EVM: Moonbeam Network and Gnosis Chain.
Bitcoin saw impressive uptrends within the past 24 hours, overcoming its crucial hurdle of $30,000. While publishing this post, BTC traded at $30,656, following a 5.74% upswing over the previous day. The bellwether crypto seems prepared to extend upside. A decisive closing beyond $30.6K might trigger stable upticks in the near term.
Extended bullishness can see Bitcoin toppling $31K before targeting a breakout past $32K to eye further highs. That would mean an improved mood in the overall marketplace, translating to impressive surges in the alt market.