Bitcoin and Ethereum began the week picking up some positive momentum as the market turned its attention to the launch of Terra 2.0 following its predecessor’s collapse.
Bitcoin climbed back up to flirt again around the US$30,000 support level, up 5.6% to US$30,611, while its closest rival by market value, Ethereum, slightly outpaced the crypto king, climbing 6.8% to US$1,900.
On Monday morning, there was an overwhelmingly positive sentiment in the digital currency world, with 98 of the leading 100 cryptos changing hands in the green and, among those in the red, no coin was down by more than 0.2%.
Cardano and Polkadot both leapt 12%, while Avalanche and Shiba Inu surged 13% and 15% respectively.
Further down the pecking order, Monero and Stellar both soared 14%, as Elrond rocketed 18%.
But the launch of Terra 2.0 is expected to be an essential event for the crypto industry.
Naeem Aslam, Avatrade chief market analyst, said: “It will be incredibly difficult for traders to believe in Terra 2.0, but speculators will be keeping a close eye on its price.
“Crypto traders were severely burned during Terra's crash and it is not going to be easy for its creator, Do Kwon, to win the community back again.”