After suffering a market cap dip of more than $1 trillion, the cryptocurrency assets have witnessed a strong comeback during the past 48 hours. Ethereum, XRP, Dogecoin and Shiba Inu were among the best performing digital assets over the weekend.
The second-largest digital currency by market capitalization, Ethereum breached the price level of $3,100 on Monday for the first time since 21 January 2022. One of the biggest reasons behind ETH’s price spike was the address activity across its network. The number of daily active Ethereum addresses crossed 594k on 5 February, which is the highest level in 2 months.
“On a much more lively than usual Saturday, Ethereum holders were happy to see the number 2 market cap asset regain the $3,000 threshold for the first time in over 2 weeks. The amount of unique ETH addresses transacting has hit a 2-month high as well,” Santiment highlighted.
In a major sentiment shift, XRP has attracted significant retail interest during the latest market rally. With price gains of approximately 13% in the last 24 hours, XRP has remained the best performing digital currency among the top 10.
Meme Coins
Dogecoin and Shiba Inu, the two digital currencies saw record-breaking gains in 2021. Despite the reason that the world’s top 2 meme coins suffered huge corrections since hitting all-time high levels, interest in Doge and Shib is still intact. In the past 7 days, Dogecoin has witnessed gains of more than 15%. In contrast, Shina Inu spiked by almost 36%. Furthermore, the two meme coins are trending on social media, indicating that the retail interest has started to pick up.
Bitcoin is currently stabilizing above $42,000. Among the top 10 crypto assets, Cardano, Solana, Terra and Polkadot also saw decent price jumps over the weekend. “Many eyes from the crypto crowd will be on the incredibly close tie that Bitcoin has had to the fluctuations of the volatile SP500. A positive Monday will be a good sign for the week to come, and a continuation of a cryptocurrency rebound,” Santiment added.
