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The ripples created by the cryptocurrency market crash which saw $1.1 trillion evacuate the global market cap in a matter of days continued to reverberate on Wednesday, as a majority of coins experienced notable rebounds.
After losing 64% of its value since May 12, when the coin price fell from $40.50 to $14.43, the multi-purpose blockchain project Waves (WAVES) experienced a 95% bounce early on Thursday morning. The coin price climbed to $28.09 shortly prior to publication, in effect paring the coin’s weekly losses to just over 25% for the time being.
Another strong bounce was witnessed with recent market cap top 10 entrant, Internet Computer (ICP). The ICP coin price soared to over $600 just after it commenced trading on May 10. By May 19 the coin price had fallen to $100 — a loss of 81%.
By Thursday morning Internet Computer had rebounded to the tune of 117%, climbing to a coin price of $217. The coin’s daily trade volume rose to its highest value to date, with over $1.6 billion worth of ICP changing hands on the day.
Bounces like these are not unexpected during tumultuous times in the cryptocurrency market, and many day-traders rejoice in the opportunities afforded them by such attractive, yet dangerous, volatility.
Bitcoin’s (BTC) bounce was less pronounced; the BTC coin price still managed to gain close to 30% on its then value of $31,000, as it climbed back to over $40,000.
The coin price of recent gainer Dogecoin (DOGE) sank 67% over the course of the previous seven days, dropping to the $0.23 range after peaking at $0.73 just days earlier. Dogecoin’s 78% rebound from $0.23 to $0.420 was notable on Thursday, as it saw the coin price return to a humorous peak previously set by traders on April 20, or 4/20 day.
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