Crypto Market Started to Recover, Avalanche Hit a New High

by in Cryptocurrency News

Crypto market recovery

Cryptocurrencies started to grow again along with U.S. stock indexes rise.

Related: Crypto Market Cap Drops Below $2 Trillion

According to CoinMarketCap, the global crypto market cap increased by over 5% in the last 24 hours and is close to surpassing $2 trillion again. Currently, the indicator stands at $1.98 Trillion.

Bitcoin surged over $44.000 and Ethereum over $3.100. AVAX, the native coin of the open, smart contracts network for building dapps, Avalanche, hit a record high of $79.52.

On Monday stock market saw a major selloff connected with the major Chinese real estate company Evergrande's debt of $300 billion.

The company's state can have an impact on China's economy. While Evergrande promises to meet debt deadlines, the People's Bank of China adds liquidity ($18.6 bln to the banking system).

As the situation in China starts to calm down, crypto and stock markets show signs of recovery.