Crypto bounce sees Waves, Internet Computer gain 80%–110% on rebound
The ripples created by the cryptocurrency market crash, which saw $1.1 trillion evacuate the global market capitalization in a matter of days, continued to reverberate on Thursday as a majority of coins experienced notable rebounds.
After losing 64% of its value since May 12, when it fell from $40.50 to $14.43, the multipurpose blockchain project Waves experienced a 95% bounce for its native WAVES token earlier on Thursday. WAVES’ 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.
Internet Computer, a recent entrant to the top 10 by market capitalization, also saw a strong bounce with its native ICP token. ICP’s price soared to over $600 just after it commenced trading on May 10. By Wednesday, the coin’s price had fallen to $100 — a loss of 81%.
But by Thursday, ICP had rebounded to the tune of 117%, climbing to a price of $217. The coin’s daily trading 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, but it still managed to gain close to 30% on its then value of $31,000 as it climbed back to over $40,000.
The 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.