Cryptocurrencies Surge by 16% As Market Continues To Recover

Cryptocurrencies continue to show monumental recoveries ever since Tesla chief Elon Musk’s recent remarks on Twitter, rising as much as 16 percent.

While the weekend spilled a few drops of blood across the crypto streets due to strained investor sentiments and numerous crackdowns by numerous governments across the planet, the market has since moved towards recovery.

At the time of writing, Bitcoin surged 4.32 percent to $40,518, weeks after spending below the $40,000 mark.

Statistics and Market Sentiment

Lower market caps are showing signs of growth as well. Ethereum was quick on the BTC uptick, rising north of $2,500 by 4.8 percent after hitting hourly dips as low as $2,200 in the past week. Overall, the recovery period is proceeding with a gradual pace, and there’s a high chance we’ll see the market in green when it closes coming Friday evening.

Cardano recently broke the trendline resistance of a falling wedge pattern as well, ascending big levels to $1.58, up by 2.54 percent.

Binance Coin, the world’s forth largest cryptocurrency by market cap, is trading at $373.65, up by 4.2 percent. The currency looks like it’s in the process of forming a rising wedge that has room to grow until July.

Dogecoin is up by almost 1 percent in the last 24 hours, standing at $0.32, despite blowing off a few investors after falling almost 3% on Sunday.

Polkadot, the eighth largest cryptocurrency by market cap, is perhaps the performer of the week, rising almost 18 percent to $24.9 at the time of press.