With the crypto market showing signs of yesterday something to cheer for, their actions today have brought smiles back to investor’s and trader’s faces. After a lengthy spell on the opposing end of the volatility that is rocking the market, the digital asset led by Bitcoin has posted greens today.
Bitcoin, on its own, has yet again broken above the $50,000 mark in what would be classed as another price rise to post a profit of 5%. Presently, the digital asset is trading at a region not far from $50,500. With the Bitcoin market volatility, the digital asset saw a massive bearish run as it moved from its high price of $58,000 to a low region of around $49,000.
Hodlers exhibit massive confidence
One of the significant silent triggers that have helped the price of the asset is the recent exposure that most of the people that bought the dip didn’t sell it out of panic. If this shows one thing, it has shown that Bitcoin traders and investors have immense confidence in the asset more than ever before. This weekend, the crypto population had a lot to wonder about the price after another recent acquisition of the leading asset by Michael Saylor, led Microstrategy.
Microstrategy has led the buying spree in the market for the past few months, with Tesla coming close in second place. With so many investors panicking due to the decline in the market, Microstrategy yet again bought $10 million of the digital asset as its real asset is now close to $4.5 billion. Asides from Bitcoin, other digital assets have also posted top gains, with Ethereum leading the charge with a 7% profit. Despite the climb, Ethereum is still miles below its all-time figure of above $2,000 that it clinched some weeks back.
Ethereum surges due to recent DeFi rise
One of the numerous factors that have brought confidence amongst the traders of Ethereum in the market has been said to be the recent upgrade news. Also, other factors have been attributed to the immense rise in the DeFi sector, with Uniswap leading the charge as always. The UNI token once again saw a massive price rise which cements its place at the top of the ranking, posting a profit of 40% overall.
Asides from the UNI seeing great gains, another coin that posted massive growth was Aave. The token now sells for about $400 after seeing a gain of 10% overnight. Even at that, the coin is presently below its all-time high price, which was set at $550. Analysts have attributed the rise in yield farming to a recent statement by the CEO of the protocol. He mentioned that there was enough money in the yield farming business. Yield farming has taken the market by storm, and most people in the sector have joined and are making massive profits from the protocols.