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Bitcoin and Ethereum, the top two cryptocurrencies by market capitalization, saw a 5% spike in price in the last 24 hours.

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The prices of Bitcoin (BTC) and Ethereum (ETH) saw a 5% jump over the last day, giving investors renewed hopes for a much-anticipated market recovery after a brutal sell-off in May.


Currently, Bitcoin is changing hands at $31,289, up 5.2% over the day, according to data provided by CoinMarketCap.


The leading cryptocurrency last traded at these levels on June 1, when it entered a downward correction that dragged the price of BTC from above $32,000 below $30,000 for the most part of the weekend.



Despite the latest spike, Bitcoin is still down more than 34% since the start of the year, with the Fear & Greed Index—a combination of variables measuring market sentiment—currently standing at 13, which corresponds to “extreme fear.”


Ethereum follows the pattern

The price of Ethereum has meanwhile just hit an intraday high of $1,889, as it went up almost 6%, per CoinMarketCap.


The second-largest cryptocurrency still faces a massive uphill battle to recover from the losses since the start of the year when it traded above $3,800.



Ethereum's lackluster price action is compounded by a massive sell-off in the DeFi space. Over the last month, investors withdrew more than $40 billion from ETH-based apps, shrinking the total value locked (TVL) from over $113 billion on May 5 to $71.04 billion as of today, according to data from DeFi Llama.


Elsewhere, major layer 1-networks Cardano (ADA) and Solana (SOL) both posted double-digit gains over the past 24 hours as their tokens rallied 13% and 11.4%, respectively.

 

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