Crypto Market Recovers as Doge and Aave Make Big Gains

News / 28.01.2021

After a few days of bearish trend, the crypto market has rebounded in the past 24 hours of trading.  This upsurge in price movement sees most of the top coins trading in green with a few in double digits profits.

Bitcoin recovers towards $32,000

Bitcoin has not enjoyed the best of weeks as the leading coin is on a bearish trend. The price of BTC has struggled to make significant gains since it surpassed the $40,000 mark two weeks ago.

Recent days had seen the leading coin drop below the $30k mark, which was evident in the early hours of trading today. BTC hovered around $29,360 amid fears that the coin could dip further towards the $25k support levels. Instead, BTC recorded some gains throughout the day, quickly surpassing the $31k mark.

At the time of writing, Bitcoin is trading at around $32,000 and has made a 7% gain in its price.  If the market trend continues, Bitcoin could make a renewed move towards $34,000. However, if the trend moves downward, a price rebound towards $30k is likely to occur.

Ethereum recovery buoyed by Reddit partnership.

Apart from Bitcoin, leading altcoin, Ethereum has also picked up steam in the past few hours. Ether made an 8.67% gain in the last 24hours and is currently valued at around $1,341. The surge of Ethereum could be due to the partnership announced today between the Ethereum foundation and Reddit. The partnership is expected to provide development resources to ETH scaling tools.

It is a huge one for the altcoin since Reddit is one of the most popular social networks for crypto enthusiasts. There are high expectations for the altcoin that could make an extended bull run towards the $2000 mark.

Doge and Aave make huge gains.

Although most of the market is currently trading in the green zone, some have outperformed others. Doge and Aave fall into this category, with the former currently on a roll. Doge is more than double its price in the past 24 hours of trading. Doge is known for its wide fluctuation in value and appears to be on one of its bullish frenzies. The meme token is currently 144% up in value at the time of publication and has attracted the crypto community’s glances.

Meanwhile, Aave has continued its recent bull run that has seen the DeFi token add 73% in 7 days.  This run has coincided with an increase in the DeFi protocol volume, which has jumped to second on the DeFi rankings.

Olowoporoku Adeniyi is a blockchain enthusiast and crypto evangelist. Currently he loves all things crypto and covers happenings within the blockchain space.