Market rebounding massively as open interest on numerous assets reaches new highs
- Cardano gains some traction
- BLUR’s unexpected recovery
Ethereum, the second largest cryptocurrency by market capitalization, has made its biggest comeback in 250 days, following the most recent market turmoil caused by the USDC depeg and SVB liquidation. Over the last three days, Ethereum has gained more than 17% in value, a significant recovery after losing around 14% of its value in the last week.
The rebound in Ethereum’s price could be attributed to Binance’s recent injection of $1 billion into a market stabilization fund used for buying BTC, ETH and BNB. The move was aimed at stabilizing the cryptocurrency market and boosting investor confidence.
The recent market turmoil caused by the depegging of USDC and SVB liquidation caused significant volatility on the cryptocurrency market, leading to a sharp drop in the value of major cryptocurrencies, including Ethereum.
However, with the injection of funds into the market stabilization fund, there has been a significant rebound in Ethereum’s price, as investors regained confidence in the market. Ethereum’s performance in the last few days has been impressive, with the cryptocurrency gaining more than 17% in value, the largest gain in 250 days.
Cardano gains some traction
Cardano (ADA) has seen a surge in open interest as the cryptocurrency market recovers from the recent turmoil caused by the USDC depeg and SVB liquidation. Investors are returning to the market and are funding their positions in order to maximize their profits, resulting in an increase in demand for riskier assets like ADA.
While Cardano may not be the top choice among speculative traders, the rise in open interest can contribute to the price recovery of the asset. Open interest is the total number of outstanding contracts that have not yet been settled, and it is used as an indicator of market sentiment.
The increase in open interest for Cardano comes after a rough patch for the cryptocurrency, which saw it lose more than 27% of its value at the end of February and the beginning of March. However, the recent recovery of the cryptocurrency market has allowed Cardano to bounce back, and it has gained more than 23% in value to return to last month’s highs.
BLUR’s unexpected recovery
BLUR token, which has been under constant pressure for months, has seen a surprising rebound in recent days. The token had been facing a major challenge due to the upcoming airdrop that is expected to put significant pressure on the price. This is because a large percentage of the token’s supply is held by retail investors, who are likely to sell as soon as they receive the airdrop, further driving down the price.
However, despite these challenges, BLUR token has rebounded in recent days. This has surprised many in the cryptocurrency community, who had expected the token to continue to face pressure in the lead up to the airdrop. At the time of writing, BLUR token has gained more than 10% in the last 24 hours, reaching a market capitalization of over $20 million.
The rebound of BLUR token can be attributed to several factors. Mainly, the overall cryptocurrency market has been performing well in recent days, which has provided a boost to many tokens, including BLUR. This has seen more investors return to the market, seeking to maximize their profits and fund their positions.