Crypto Bounces Back From Market Crash, Led By SOL And BNB, As Justin Sun Buys The Dip With More Ethereum

Updated: 06 August 2024

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Crypto bounced back from yesterday’s market crash, led by Solana and Binance Coin, as Tron founder Justin Sun took the opportunity to buy the dip with a $37 million investment in Ethereum.

The crypto industry’s market capitalization soared more than 9% after yesterday’s carnage with Solana (SOL) surging 23% $142.47 and Binance Coin (BNB) jumping 18% to $489.40 as of 2.45 a.m. EST.

Tron founder Justin Sun saw an opportunity to add to his recent ETH accumulation by purchasing 14,884 ETH on Monday, according to an Aug. 6 X post by Spot On Chain.

With this recent purchase, the amount of Ethereum he has scooped up since February stands at 392,474 ETH.

Bitcoin Hits $55k After Slumping Below $50k During The Market Crash

Market leaders Bitcoin (BTC) and Ethereum (ETH) printed substantial gains. After falling below $50K yesterday, BTC recovered to trade above $55K.

Similarly, ETH was able to reclaim the $2,500 support after it plummeted to its lowest level since January on Monday.

JUST IN: #Bitcoin reclaims $55K. pic.twitter.com/dAOfiHVZ5I

— CoinGecko (@coingecko) August 5, 2024

Crypto Fear And Greed Index Plunges

Investor panic caused the Crypto Fear and Greed Index to plunge 9 points over the last 24 hours to signal “Extreme Fear” today. Just a week ago, the index indicated greed in the market with a score of 67.

While investors remain fearful, some analysts are optimistic of a recovery.

Please note that $BTC decline since halving is now similar to that of the 2015-2017 Halving Bull market cycle pic.twitter.com/cIm3WKzBog

— Peter Brandt (@PeterLBrandt) August 5, 2024

Peter Brandt said in an Aug. 5 post on X that BTC’s decline since the April 2024 halving displays a similar movement to that ahead of the 2016 bull run.

Renowned trader and analyst Michael van de Poppe echoed a similar bullish tone, saying on X that yesterday’s correction “can ultimately lead to the bear trap of this cycle.”