Crypto On May 17: Market Gains Some Momentum Back As Top Tokens See A Surge

Top blue-chip tokens Bitcoin and Ethereum surged Tuesday driving the cryptocurrency market back into the green. While the Terra debacle had led to a market crash, investors have still maintained trust in cryptocurrencies.

The global market cap was up 2.68 percent at $1.31trillion, as of 5.39 a.m. ET, CoinMarketCap data showed.

Bitcoin rose 2.82 percent to $30,630. Ethereum, too, surged 3.08 percent to $2086. Barring a slight dip in Tether and USD Coin, all other top 10 tokens surged. Meme cryptos Shiba Inu and Dogecoin too rose.

Terra LUNA has continued to dip. Many Indian exchanges have delisted LUNA from their platform after it touched $0 on May 13.

Commenting on Terra LUNA's crash, Dileep Seinberg, founder of MuffinPay and an investor himself, said, "Every industry and innovation has its good and worse phases while growing; yes, it was disheartening to see such a coin crashing down to zero."

"But it has also opened a way to create a better crypto-economic system for the future. I will firmly believe in the Future of money and keep on building things for the utility of tokens," Seinberg told International Business Times.

At the same time, regulators race to bolster regulatory guardrails around digital assets following the Terra network collapse.

South Korean authorities look to launch the Digital Asset Basic Act, which is anticipated to be geared to protect investors. Nigeria, another crypto hub, has also provided more regulatory clarity on crypto’s role in the economy, adding to the growing list of countries boosting their digital asset policy.

About the same, Indian exchange CoinDCX said, "While regulators are tightening their reins over the crypto sector, regulatory frameworks will serve to strengthen confidence in digital assets at a time where mistrust has cast doubt over the sector."

"As the industry matures, regulations will be a necessary next step to ensure the mainstreaming of crypto and the future of digital assets in our financial ecosystem," the Indian exchange told International Business Times.

The crypto market is extremely volatile and experts recommend investors not make decisions based on the sudden shift in prices.