But several altcoins were the day’s best performers as risk appetite seemed to have extended beyond the larger tokens.
EGLD, the native token of the Elrond Network, was the best performing crypto among the top 50 tokens, up more than 17% to $83.70. Cardano (ADA) and DeFi token AAVE also posted strong double-digit gains.
The strong rally also comes after the crypto market posted nine straight weeks of losses – its worst run yet. Concerns about rising inflation and interest rates were a major driver of this sentiment.
EGLD Leads Crypto Recovery
The native token of the Elrond network saw strong gains after the blockchain recently launched a cross-chain portal with Ethereum.
The Ad Astra portal will enable the transfer of crypto assets between ETH and Elrond, with the blockchain planning to support more Ethereum virtual machine chains in the coming days.
Yet ELGD, like most major cryptos, is also recovering from a strong selloff over the past two months. The token had hit its lowest level since June 2021 last week, wiping out most of its gains made through 2021.
The ELGD is also down more than 80% from its record high of last year.
AAVE and ADA also post strong gains
DeFi token AAVE was the second best performer in the past 24 hours, up nearly 12% to $106.63.
The token benefited from speculation that its native platform, Aave, could benefit from a larger share of the DeFi market after the Terra crash. Terra’s peg protocol had dethroned Aave from its place among the largest DeFi projects by total value locked.
This sentiment has also helped token trading to be positive over the past seven days, despite a broader crypto crash.
ADA rose 10.4% to $0.5243 as the number of NFTs minted on the blockchain crossed 5 million tokens. The token also recently launched a strong rally after a 16-month low last week.
The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.