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Good morning. Here’s what’s happening:
Prices: A day after bitcoin completed its record ninth-straight weekly decline, the largest cryptocurrency's price jumped by the most since early March.
Insights: Ethereum's gas fees are at a record low, Sam Reynolds reports.
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Prices
Bitcoin (BTC): $31,646 +8.4%
Ether (ETH): $1,990 +11%
Biggest Gainers
| Asset | Ticker | Returns | DACS Sector |
|---|---|---|---|
| Cardano | +17.8% | ||
| Internet Computer | +15.7% | ||
| Chainlink | +12.2% |
Biggest Losers
There are no losers in CoinDesk 20 today.
Bitcoin posts biggest daily price rise in two months, as crypto markets rally broadly
Traditional markets were mostly closed in the U.S. on Monday for the Memorial Day holiday, but bitcoin (BTC) didn't rest.
The largest cryptocurrency by market value jumped more than 7% to about $31,500, in its biggest gain since March 9.
The sudden burst higher came as bitcoin had just completed a record nine-week losing streak that took the price down to around $29,400 from $37,600.
Now, crypto analysts are starting to ask if the market is finding a bottom after the latest downdraft.
According to the blockchain analysis firm Glassnode, the recent selling pressure might be easing up. "The price action appeared to have bottomed for the time being," Glassnode wrote Monday in its Uncharted newsletter.
Almost all major cryptocurrencies were in the green on Monday, with Cardano's ADA gaining some 17% and leading the CoinDesk 20.
Markets
(Most traditional markets were closed in the U.S. on Monday for an official holiday.)
Insights
As motorists complain about gas fees being too (expletive deleted) high, crypto traders are dealing with the opposite: Ethereum's gas fees are at a record low, Sam Reynolds reports.
The average transaction fee is around $3.70 now, according to on-chain data. When the year began that number was between $38 and $52 depending on the chain congestion at the time.
As such, gas-heavy transactions like selling a non-fungible token (NFT) on OpenSea or completing a Uniswap transaction are at all-time lows.
Traders seem to be spooked by the fallout of Terra and have been hesitant about jumping back into the market. On-chain data shows that throughout May there were massive spikes in gas consumption on key dates related to Terra’s decline, and subsequent spikes in activity on Uniswap as traders repositioned to shield themselves from market volatility.