These Altcoins Are Leading A Recent Crypto Market Recovery
The crypto market staged a strong recovery on Monday, with majors such as Bitcoin and Ethereum rising substantially after recent losses.
But several altcoins were the best performers for the day, as risk appetite appeared to have extended beyond just the largest tokens.
EGLD, the native token on the Elrond Network, was the best performing crypto among the top-50 tokens, up over 17% at $83.70. Cardano (ADA) and DeFi token AAVE also logged strong double-digit gains.
The strong recovery also comes after the crypto market logged nine straight weeks of losses- its worst such run yet. Concerns over rising inflation and interest rates have been a major driver of this sentiment.
EGLD leads crypto recovery
The native token to the Elrond Network logged strong gains after the blockchain recently launched a cross-chain portal with Ethereum.
The Ad Astra Portal will allow the transfer of crypto assets between ETH and Elrond, with the blockchain planning to support more Ethereum Virtual Machine chains in the coming days.
Still, ELGD, like most major cryptos, is also recovering from a sharp selldown over the past two months. The token had last week touched its lowest level since June 2021, erasing most of its gains made through 2021.
ELGD is also down over 80% from a record high hit last year.
AAVE, ADA also log strong gains
DeFi token AAVE was the second-best performer in the past 24 hours, up nearly 12% at $106.63.
The token has benefited from speculation that its native platform, Aave, could benefit from a bigger share of the DeFi market after Terra’s crash. Terra’s Anchor Protocol had dethroned Aave from its spot among the biggest DeFi projects by total value locked.
This sentiment has also helped the token trade positive over the past seven days, despite a broader crypto crash.
ADA rose 10.4% to $0.5243, as the number of NFTs minted on the blockchain crossed 5 million tokens. The token has also recently launched a strong recovery from a 16-month low hit last week.
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