The cryptocurrency market is recovering moderately this Monday after a sharp decline last week. Bitcoin rose by 5% per day and is traded at about $ 36,500, while ether added more than 10% and again turned out to be above $ 2,200. Previously, they lost 51% and 60% from the highs, respectively.
Two assets performed better than the others. These are Polygon (MATIC) and Maker (MAKER), whose prices more than doubled in 12 hours. Polygon rallied from $ 0.75 to a peak of $ 1.51. Before that, in less than a week, the token lost 72% – on May 18, its value was $ 2.68.
A similar pattern emerged in the market for the Maker token used in the governance of the MakerDAO organization. Since Sunday, it has risen in price from $ 1,835 to $ 3,694. Like Polygon, Maker has dropped 71% from its all-time high in early May and 63% over the past week.
The rapid recovery of individual assets was the result of the same market volatility that manifested itself throughout the past week. Due to this, traders have the opportunity to double their invested funds within a few hours. Also among the fastest growing altcoins today were Helium, Harmony, THORChain, Fantom, IOTA and OKB, all of which added 10% or more.
In total, the market recovered from yesterday’s lows by $ 300 billion and returned to capitalization above $ 1.5 trillion. Bitcoin’s higher resilience has pushed the first cryptocurrency’s dominance index back above 45%, after dropping recently to multi-year lows below 40%.
The analytical company Glassnode, meanwhile, notes that users have increased the volume of outgoing transactions from exchanges, withdrawing bitcoins to personal wallets. According to the latest data, the 7-day average bitcoin churn rate has climbed to its highest level since March 2020.
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