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Major Cryptos Regained Momentum During Weekend Rally

Created by TradeOr

Cryptocurrency 16 May 2022
Bitcoin reached its lowest point since December 2020, when it traded for $26,350, last week.

Despite this, the flagship crypto managed to regain momentum and surpassed $30K over the weekend. Other cryptocurrencies including Ethereum, Cardano, and Solana also participated in the weekend rally.

Crypto Market On The Decline

The value of cryptocurrencies on the overall market saw a dramatic drop last week. A total of $200 billion was wiped off the market in a single day, and the price of bitcoin dropped to levels not seen since before 2020. After six straight weeks of market declines, Bitcoin, the largest cryptocurrency by market value, briefly surpassed $30,000.

Cryptos Take A Positive Turn

At the time this article was written, CoinMarketCap data indicated that Bitcoin had gained by nearly 4% to $29,980.72. A weekend bounce was seen across the board, with Ethereum increasing in value by more than 5% to $2,065.31, Cardano rising by more than 11% to $.53, and Solana soaring by roughly 14% to $53.24.

The rising prices came after a tumultuous week on the cryptocurrency market, which was highlighted by the downfall of Terra’s UST and LUNA.


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