Rebound For Bitcoin, Gold and Wall Street, Crypto Market Gains $22 Billion

Institutions Covered Majority of Their Bitcoin Shorts

Within the past day, the crypto industry’s total market cap has increased by $22 billion. This comes as a result of Bitcoin following the increases Wall Street has seen on Wednesday, going back up to around $10,400. As is the norm, once Bitcoin goes up, most of the other coins goes in the green, as well.

A Recovery Happening

Polkadot, Ethereum, and Chainlink all saw a surge of around 10%. However, the true gains were felt by the DeFi tokens, with YFI managing to regain the price mark of 3 BTC.

Throughout the past week, as the world’s finance industry saw a massive drop, the altcoin market, in particular, saw some severe losses. Even so, as everything starts to pick itself up, most of the altcoins have gone into the green. Ripple saw its price rise by 4%, standing at just shy of $0.25 in value, and Ethereum went up to 10%, trading around $370 once more.

The Various Gains

Chainlink has successfully held its position in the top five, managing to gain a 10% surge to $13. Even so, Polkadot and Bitcoin Cash are breathing down the cryptocurrency’s neck, with Polkadot gaining 10.5% and BCH recording 2.2% growth. Litecoin managed to record a 3% growth, with the Binance Coin (BNB) seeing a growth of 4.5%.

DeFi-related coins saw the most impressive gains from this market recovery, having already suffered the most the week before. Ampleforth saw a surge of 75% in value, going up to $1.15. For the first time in a long time, AMPL holders are expected to have a positive daily rebase. From highest to lowest, the other DeFi Tokens managing to gain success is Solana (55%), Yearn.Finance (38%), and Loopring (30%). Standing behind the top four is Ren and Aave, who both gained 28%

SushiSwap Gaining Ground

In other news, the SUSHI governance token of SushiSwap has seen a 27% market increase after the project moved forward with the migration of liquidity locked within the protocol. As it stands now, it seems like SushiSwap is currently winning the liquidity war it has with Uniswap.

Many other altcoins managed to rally in the double digits. This includes Hyperion (22%), Algorand (24%), Bitshares and Synthetix Network (21%), THETA (18%), and DFI.Money (20%).

The end result, the market cap for the crypto industry has surged with $22 billion in total value, going to $340 billion as opposed to yesterday’s bottom of $317 billion. The finance sector is starting to recover, and many a trader is doubtlessly pleased about that outcome.

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      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.

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