Cardano’s ADA tokens surged 40% in the past day leading the major tokens in recovery after a cryptocurrency market crash.
BNB jumped 30%, SOL 25%, and XRP 22% during Asian morning hours, with Bitcoin and ether adding more than 12% each. ApeCoin gained 57% in the same period.
The overall cryptocurrency market capitalization has recovered by 13% in the same period after dipping about 30% during the sell-off.
The market crash has been attributed to internal and external risk factors. The concerns around inflation and low CPI data affected the price of bitcoin, which went as low as $24k. The depeg in TerraUSD added to the selling pressure.
FxPro market analyst, Alex Kuptsikevich, observes that with most altcoins having jumped double-digit gains in the past 24 hours, the phase could signal an extended buying pressure.
The futures data reveals that 64% of the trades were short in the past day and took on $266 million in liquidations which caused the price to rise in a potential short squeeze.