Major Cryptos Surge as Market Recovers from Crash

Major Cryptos Surge as Market Recovers from Crash

XRP has jumped about 16% in the past 24 hours, with Bitcoin rising above $21,000 amid a crypto market-wide recovery following a market crash.

BTC added to the steady gains since plunging to as low as $18,000. The current price is at a resistance zone, and a jump above is expected to welcome gains up to $22,600.

The major cryptocurrency has been under s selling pressure in the past week amid systematic risks in the cryptocurrency space.

The bearish momentum saw crypto lenders like Celsius pause transactions with news that Three Arrows Capital was on the verge of insolvency.

Solana’s SOL tokens surged 8% after the blockchain announced a crypto-native Solana mobile phone at an event in New York.

Avalanche’s AVAX also jumped 8% to extend Thursday’s gain as the project launched a native bridge to the Bitcoin blockchain. Polygon’s MATIC extended its bullish momentum with a 17% increase.

The Crypto market recovery comes as equity and bond markets registered price rallies. Asian stocks gained, with Hong Kong’s Hang Seng increasing 2.09% as Stoxx Europe 600 pumped 1.49%. The US added about 0.5% in the period.

Source: Coindesk

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