Crypto market recovers, STEPN’s GMT leads the way

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The crypto market as a whole is recovering with most top 100 coins in the green at the time of writing after an extended bearish trend, which saw several cryptos reach 2-year lows. 7 of the top 10 cryptos registered double-digit gains over the past 24 hours.

This is definitely good news for investors after the broader crypto market lost as much as 16% of overall capitalization yesterday.

Top cryptos

Bitcoin (BTC), ether (ETH), and Terra’s LUNA were among the major assets where investors faced losses. Earlier in the week, bitcoin fell amid inflation concerns and contagion risks from the freefall of TerraUSD (UST).

The flagship crypto dropped to as low as $24,000 yesterday morning before a slight recovery overnight. It is currently trading above $30,000 and has gained around 9% in the last 24 hours.

Ethereum also gained around 9% in this period and was trading for just over $2,000 at the time of writing.

The biggest top 10 gainer is Cardano, up 29%. However, its losses for the week sit at around 27%, similar to most of the other major cryptos. Outside the top 10, Polkadot led the way with 27%.

Top movers

The vast majority of cryptos in the top 100 registered double-digit gains. Notable standouts include ApeCoin with 50%, Decentraland with 44%, Maker with 38%, Helium with 35%, Fantom with 43%, eCash with 48% and Gala, which added 58% to its value.

STEPN’s GMT token led the way with an increase of 74%. Most stablecoins in the top 100 registered slight losses.

UST is down 75% today. LUNA dropped out of the top 100. Although Terra halted its blockchain, leading media sources report that LUNA and UST remained available to trade on FTX, Gate.io, and a few minor exchanges as of late morning Asia time.