Bitcoin and Ethereum soar to reverse weekend’s losses

Bitcoin and Ethereum received some momentary respite on Monday morning after taking a battering over the weekend as investor confidence remained low.

But that’s not to say the crypto winter has come to an end, with the Bitcoin US$20,000 support level violated sending further shockwaves through the market.

Bitcoin climbed 9.4% to US$20,063, while its closest rival, Ethereum, surged 13% higher to US$1,079.

“There is still a lot of pessimism and unless we do not see the domino effect coming to an end from Terra Luna, which has brought Celsius – another yield-producing project – on the verge of bankruptcy, we are not likely to see any light at the end of this tunnel,” Naeem Aslam, Avatrade chief market analyst.

Although there were still plenty of HODLers (hold on for dear life) that have resisted selling for so long and are unlikely to offload, experts commented.

Aslam added: “On the other hand, HODLers know for a fact that the current sell-off is nothing to worry about.

“This is because they have been through so many different meltdowns in the crypto industry, and every single bear market for Bitcoin has ended with Bitcoin claiming a new all-time high.”

Much of the digital currency market followed in the footsteps of the leading two coins, with 97 of the top 100 changing hands in positive territory.

Litecoin and Uniswap soared 13% and 14% respectively, while Synthetix rocketed 97% as it broke into the top 100 cryptos.

None of the fallers dropped by more than 1% in what appeared to be the start of a rare green crypto day.