The crypto industry was mixed on Tuesday morning, as some tokens rebounded by double digits while others remained under intense pressure. Bitcoin was still hovering at the crucial support level of $60,000, while Ethereum was trading at $3,370.
Popcat’s price was one of the best performers in the crypto industry, jumping by over 68% to $0.4250. Its rebound happened in a high-volume environment, with the 24-hour figure soaring to over $46.7 million.
Farcana’s price surged by more than 120% after the developers clarified that their smart contract and wallets were safe after a partner was compromised.
Jeo Boden’s price soared by over 57%, while Mog Coin (MOG), Tooker Kurlson (TOOKER), and Lista DAO (LISTA) tokens soared by over 25%. The other top-performing tokens were Fetch.ai, MAGA, Nosana, and Doland Trump.
This rebound was a sharp contrast to what happened on Monday when most tokens plunged after Bitcoin moved briefly below the crucial support level at $60,000. The crash occurred as a sense of fear spread in the market, with the fear and greed index moving to the fear zone of 45.
It also happened as investors embraced a risk-off sentiment even in the stock market. Nvidia, one of the top drivers for the stock market rally, has moved into a correction as it plunged by over 10% from its all-time high. The tech-heavy Nasdaq 100 index has underperformed the Dow Jones.
Despite the recent market turbulence, the crypto industry is showing resilience. Investors are seizing the opportunity to buy the dip, especially as most altcoins have experienced a significant drop of over 50% from their year-to-date highs.
However, it’s crucial to note the potential risks associated with this rebound. There is a possibility that it could be part of a dead cat bounce, a concept that suggests a brief bounce after a significant fall. This could lead to further downside, a scenario that investors need to be aware of.
Therefore, tokens like Popcat, Mog Coin, and Lista DAO are likely to continue rising on Tuesday and then resume the bearish trend.
Popcat and Mog Coin are some of the fastest-growing meme coins, with market caps of over $417 million and $507 million, respectively. On the other hand, Lista DAO is a leading player in DeFI with over $323 million in total value locked (TVL). It lets users borrow and stake tokens to generate returns.
