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Following the previous market downturn, price rebounds hit 100 percent when the market saw a wild bounce.
The reverberations of the cryptocurrency price collapse, which saw $1.1 trillion vanish from the global market capitalisation in a matter of days, began to reverberate on Thursday, with the bulk of coins seeing significant recoveries.
Waves, the multipurpose blockchain project, witnessed a 95 percent rebound for its native WAVES token earlier on Thursday, after losing 64% of its worth since May 12, when it dropped from $40.50 to $14.43. WAVES’ price rose to $28.09 shortly before publication, effectively reducing the coin’s weekly losses to just over 25% for the time being.
Internet Computer, a newcomer to the top ten in terms of market capitalisation, also saw a significant increase in the value of its native ICP token. ICP’s stock surged to more than $600 shortly after it began trading on May 10. By Wednesday, the coin’s value had dropped to $100, representing an 81 percent reduction.
However, by Thursday, ICP had recovered 117 percent, reaching a price of $217. The coin’s daily trading rate reached its highest level to date, with more than $1.6 billion in ICP changing hands on the day.
Bounces like this are not uncommon during turbulent times in the cryptocurrency industry, and many day traders revel in the possibilities provided by such appealing, but risky, uncertainty.
Bitcoin’s (BTC) rebound was less dramatic, but it nonetheless managed to recover almost 30% on its previous valuation of $31,000 as it bounced up to over $40,000.
Dogecoin (DOGE) lost 67 percent of its value in the previous seven days, falling to the $0.23 level after peaking at $0.73 just days earlier. On Thursday, Dogecoin’s 78 percent turnaround from $0.23 to $0.420 was noteworthy, as the coin price returned to a humorous high previously set by traders on April 20, or 4/20 day.