Ethereum and BTC are seeing a recovery, with most DEFI tokens recovering along the way, as we can see more of today in our latest altcoin news.

Ethereum and BTC are staging a rebound as the two largest coins by market cap rallied 3% in the morning after starting the week in freefall. BTC and ETH rallied a bit after starting the week below $40,000 and $3,000. BTC was trading at $42,067 and ETH at $3,148 as of Wednesday morning. Since then they have retreated to around $41,860 and $3,130, up 2% and 2.4% on the day. The two largest cryptocurrencies staged a gradual comeback after the deadline for US investors to file their taxes. Tax day became a regular source of turmoil for crypto as investors sold at a loss to offset capital gains from the other assets.

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BTCUSD. Source TradingView

Traditional markets faltered and the S&P 500 and NASDAQ were fairly flat, falling early in the month. The DEFI market saw some modest gains over the past day, as did the broader crypto market, but there were some great performers. LUNA from the Terra network surged 6% on the day, and the network and LUNA token made headlines as the foundation amassed BTC and other cryptocurrencies in its treasury to support the UST stableocin.

The reserve wallet had $2.6 billion in balances held in USDC, LUNA, and USDT. Meanwhile, Thorchain’s RUNE is up 7% to trade at $9.30 and aAVE is up 13% to trade at $193.84.

As recently reported, Bitcoin erased losses from the start of the week and surged to a 10-day high well above $42,000. Ethereum followed in a similar move, but for the day most of the market settled down and Monero is still among the few impressive gainers. After the quiet weekend of BTC standing around $40,000 with no decisive moves in either direction, the landscape finally changed. BTC touches $42,000 while ETH posted a 10-day high, but BTC broke below $40,000 and threw off a monthly high of around $38,500, but this is where the bulls surged.

crypto market
Overview of the cryptocurrency market. Source Quantify Crypto

Bitcoin also started to rebound and was above the $40,000 price line hours later, but then slowly continued to climb and climbed above $41,000. Over the past day, the crypto market hit another milestone by surpassing the January 2021 ATH of $42,000, but now it is below the level and its market cap approached $800 billion.

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