Cryptos Today: Bitcoin Rises Strongly and Returns to $30K; altcoins have recovery with gains of up to 75%

Friday (13) is one of recovery in the cryptocurrency market, with Bitcoin (BTC) returning to trading above the $30,000 level, despite the climate remaining very cautious among investors.

While the world’s largest cryptocurrency is up about 8% in the 24-hour period, altcoins have more expressive gains, of more than 10%. In recent days, with the market crash, these assets have also suffered more than Bitcoin as they are more volatile and therefore riskier cryptos.

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In a moment of recovery, the tendency is also for them to present more expressive increases. Cardano (ADA) leads the gains, with a rise of up to 40%, while BNB (BNB), Solana (SOL) and XRP (XRP), reached valuations of up to 30% overnight.

After yesterday’s losses, investors have come to view cryptocurrencies as oversold assets, initiating purchases that are helping the price rally. For the week, the total value of the crypto market has dropped by around 30%, according to data from CoinGecko.

“After a serious oversold in the past few years, altcoins have risen at a double-digit pace in the last 24 hours,” FxPro market analyst Alex Kuptsikevich told CoinDesk. “This could be the start of a prolonged buying spree and a bull trap.”

“The cryptocurrency fear and greed index dropped 2 points to 10 on Friday and remains at ‘extreme fear’, largely ignoring the optimism of the past few hours. Thus, the current low levels of the indicator may also attract new buyers,” said Kuptsikevich.

Cryptocurrencies have fallen sharply this week amid systemic risks, both in and out of the market. Concerns over high inflation and weak CPI data in the United States hit Bitcoin prices, while terraUSD (UST) – a stablecoin designed to be pegged to the dollar – dropped to $0.22, which sparked a crisis. also the cryptocurrency Terra (LUNA), which affected the entire market.

Read also: Cryptocurrency Terra plummets more than 90% amid the crisis with stablecoin; understand

Some of the recovery in the last 24 hours may have come from what is known as short squeeze. This occurs when traders who were betting on falling prices need to buy assets to cover their bearish positions, known as shorts.

In short, traders borrow an asset to sell it in hopes of being able to buy it back at a lower price and profit from the difference when they return it to the lender. If prices rise, they will lose money, and buying to limit their losses adds to the bullish momentum.

Futures data shows that around 64% of traders were short in the last 24 hours and received $266 million in liquidations, which may have contributed to a price increase amid a possible short squeeze.

  • Watch: Bitcoin’s new fall is an opportunity or a trap? How to deal with the bear market

Check out the performance of the main cryptocurrencies at 7:10 am:

cryptocurrency Price Change in the last 24 hours
Bitcoin (BTC) US$ 30,349.57 +8.86%
Ethereum (ETH) US$ 2,068.72 +8.91%
Binance Coin (BNB) US$ 300.16 +18.86%
XRP (XRP) US$ 0.4433 +18.70%
Cardano (ADA) US$ 0.5715 +30.22%

Cryptocurrencies with the biggest gains in the last 24 hours:

cryptocurrency Price Change in the last 24 hours
Stepn (GMT) $1.64 +76.26%
Gala (GALA) US$ 0.1016 +72.11%
Decentraland (MANA) $1.14 +59.12%
Fantom (FTM) US$ 0.4017 +54.26%
Quantity (QNT) US$ 77.91 +53.25%

Cryptocurrencies with the biggest drops in the last 24 hours:

cryptocurrency Price Change in the last 24 hours
Earth (MOON) US$ 0.1661 -72.35%
Axie Infinity (AXS) US$ 22.53 -4.84%
PAX Gold (PAXG) US$ 1,829.44 -1.99%
Unus Sed Leo (LEO) $5.10 -1.09%

Check out how cryptocurrency ETFs closed in the last trading session:

ETF Price Variation
Hashdex NCI (HASH11) BRL 25.95 -4.51%
Hashdex BTCN (BITH11) BRL 35.10 -2.50%
Hashdex Ethereum (ETHE11) BRL 29.90 -7.28%
Hashdex DeFi (DEFI11) BRL 21.91 -16.37%
Hashdex Smart Contract Platform FI (WEB311) BRL 23.80 -3.91%
QR Bitcoin (QBTC11) BRL 9.45 -1.56%
QR Ether (QETH11) BRL 7.33 -8.94%
QR DeFi (QDFI11) BRL 3.85 -18.07%

See the main news from the crypto market this Friday (13):

Blockchain Terra has second stoppage amid crisis

The Terra blockchain validators suspended the network for a second time overnight Thursday, according to information published by the project’s official Twitter account, as they searched for answers to a crisis that brought down UST and LUNA prices.

“Terra blockchain has officially stopped at block 7607789. Terra validators have disrupted the network to come up with a plan to reconstitute it,” the tweet said.

LUNA’s price was around $0.008 at the time the network was stopped. The UST was at $0.19.

Exchange CEO FTX buys Robinhood shares

Sam Bankman-Fried, CEO of cryptocurrency exchange FTX, took a sizable position at Robinhood on May 2, according to a Securities and Exchange Commission (SEC) filing.

Executed through an Antiguan company called Emergent Fidelity Technologies Ltd, the position represents a 7.6% stake in the popular trading app. With more than 56 million shares, it was worth nearly $482 million from Thursday’s closing price.

Robinhood shares are up 28% in yesterday’s post-market trading.

How far will cryptocurrencies go? What’s the best way to buy them? We have prepared a free class with step by step. Click here to watch and receive InfoMoney’s cryptocurrency newsletter

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