Crypto Industry Market Capitalization Soars 9% as Solana and Binance Coin Bounce Back From Market Crash

Crypto bounced back from yesterday's market crash, led by Solana and Binance Coin, as Tron founder Justin Sun took the opportunity to buy the dip

Cryptocurrency markets rebounded on Monday after the previous day's market sell-off, led by double-digit gains from Solana and Binance Coin, while Tron founder Justin Sun added to his recent Ethereum accumulation.

The crypto market market capitalization rose 9.2% over the past 24 hours to $2.4 trillion as of 2.45 a.m. EST, according to CoinGecko.

Solana (SOL) soared 23% to $142.47 and Binance Coin (BNB) jumped 18% to $489.40. Both tokens fell sharply on Monday.

Tron founder Justin Sun's recent enthusiasm for Ethereum saw him purchase 14,884 ETH on Monday, according to an Aug. 6 X post by Spot On Chain.

Sun began accumulating ETH in February, and his recent purchase brings the total amount of the token he has acquired to 392,474 ETH.

Bitcoin Hits $55k After Slumping Below $50k During The Market Crash

Bitcoin (BTC) and Ethereum (ETH) both saw significant gains. After falling below $50K on Monday, BTC recovered to trade above $55K on Tuesday.

Meanwhile, ETH bounced back from its lowest level since January on Monday to trade above $2,500 again.

JUST IN: #Bitcoin reclaims $55K. pic.twitter.com/dAOfiHVZ5I

— CoinGecko (@coingecko) August 5, 2024

Crypto Fear And Greed Index Plunges

The Crypto Fear and Greed Index fell 9 points over the past 24 hours to signal “Extreme Fear” on Tuesday. A week ago, the index showed 'Greed' in the market with a score of 67.

Some analysts remain optimistic of a recovery, despite the fearful investor sentiment.

Please note that $BTC decline since halving is now similar to that of the 2015-2017 Halving Bull market cycle pic.twitter.com/cIm3WKzBog

— Peter Brandt (@PeterLBrandt) August 5, 2024

“While investors remain fearful, some analysts are optimistic of a recovery,” a section of the report read.

In an Aug. 5 X post, Peter Brandt noted BTC's decline since the April 2024 halving showed a movement similar to that ahead of the 2016 bull run.

Renowned trader and analyst Michael van de Poppe had a similar bullish outlook, stating on X that yesterday's correction “can ultimately lead to the bear trap of this cycle.”