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The global cryptocurrency market is showing signs of recovery after a shaky period marked by the infamous “Black Monday” crash on April 7. The market experienced a sharp downturn, with total liquidations surpassing $1 billion within just 24 hours. This sell-off was triggered by the announcement of new tariffs by President Donald Trump, which sent shockwaves through the crypto space and led to widespread panic selling.
However, the tide appears to be turning. As of today, the global crypto market cap has risen to $2.53 trillion, marking a 3.08% increase over the past 24 hours. This rebound signals a potential shift in investor sentiment, although the sustainability of this momentum remains uncertain.
Leading the Recovery: Major Cryptocurrencies on the Rise
Bitcoin (BTC), the market leader, is currently trading at $79,905.69, reflecting a 2.74% increase over the last day and a 3.63% decline over the past week. Ethereum (ETH) follows closely with a price of $1,585.39, up 2.28% in 24 hours.
XRP is trading at $1.90, reflecting a 3.65% increase in the past 24 hours. BNB follows at $561.80, up 1.78% in the same period. Solana (SOL) has risen 7.90% to $111.29, while Dogecoin (DOGE) is up 6.16% at $0.1511. Cardano (ADA) has gained 5.71%, reaching a price of $0.5917.
Market Sentiment and Indicators
Despite the recent recovery, the market sentiment remains cautious. The Fear & Greed Index is at 19, indicating “Extreme Fear.” This suggests that while prices are rebounding, investor confidence is still fragile. The Altcoin Season Index stands at 17/100, indicating that Bitcoin continues to dominate the market, with altcoins slowly catching up.
The Road Ahead
While the current rally offers a glimmer of hope, experts advise caution. The market’s recovery is still in its early stages, and external factors such as regulatory developments and macroeconomic conditions could influence its trajectory.