A Sea of Green

Chart of the Day

The price actions within the crypto market on Saturdays and Sundays are typically not indicative of the overall market structure due to the subdued liquidity and trading volumes that tend to define the weekends. However, the past Saturday's relief rally has proven really instrumental in reversing the crypto market's month-long downtrend, and has helped BTC to pick up some much-needed upward momentum beyond the $42k resistance zone. As of the time of writing, the price of the number 1 cryptocurrency by market cap has stabilized above the $43k level, and looks set to test the $45k resistance zone in the near-term. In a similar vein, ETH has risen by 3% within the last 24 hours to stay atop the $3,100 level, whilst most major altcoins have also been collectively basking in a green glow over a similar timeframe. After posting an impressive 23% gain over the past 24 hours, SHIB seems to be leading the altcoin rallying charge, and this strong price recovery of tokens that are more speculative in nature suggests that the risk appetites of investors within the crypto market may actually be coming back. Additionally, the total value locked (TVL) on L2 protocols has also managed to bounce back to levels last observed at the start of the year, with protocols like Arbitrum and Metis leading the way in this (19% and 94% YTD growth in their TVL respectively) on the back of newly launched applications on their respective networks. On the L1 front, FTM, a top performer in January of this year, has now unfortunately become one of the lowest-ranking L1s with regard to TVL growth after it was exposed to a vulnerability on Multichain. 

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