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The prices of Bitcoin (BTC) and Ethereum (ETH) saw a 5% jump over the last day, giving investors renewed hopes for a much-anticipated market recovery after a brutal sell-off in May.
Currently, Bitcoin is changing hands at $31,289, up 5.2% over the day, according to data provided by CoinMarketCap.
The leading cryptocurrency last traded at these levels on June 1, when it entered a downward correction that dragged the price of BTC from above $32,000 below $30,000 for the most part of the weekend.
Despite the latest spike, Bitcoin is still down more than 34% since the start of the year, with the Fear & Greed Index—a combination of variables measuring market sentiment—currently standing at 13, which corresponds to “extreme fear.”
The price of Ethereum has meanwhile just hit an intraday high of $1,889, as it went up almost 6%, per CoinMarketCap.
The second-largest cryptocurrency still faces a massive uphill battle to recover from the losses since the start of the year when it traded above $3,800.
Ethereum's lackluster price action is compounded by a massive sell-off in the DeFi space. Over the last month, investors withdrew more than $40 billion from ETH-based apps, shrinking the total value locked (TVL) from over $113 billion on May 5 to $71.04 billion as of today, according to data from DeFi Llama.
Elsewhere, major layer 1-networks Cardano (ADA) and Solana (SOL) both posted double-digit gains over the past 24 hours as their tokens rallied 13% and 11.4%, respectively.
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