Crypto On May 31: Market On The Road To Recovery, Cardano Zooms

The cryptocurrency market is on the road to recovery as most top tokens gained momentum, which is in line with the surge in U.S. stocks and futures. European and Asian stocks have also surged as they expect some relief from the U.S. Fed on monetary policy and interest rates in the coming weeks.

The global market cap was up 2.50% at $1.31trillion, as of 3.17 a.m. ET, CoinMarketCap data showed.

Bitcoin was up 2.92% at $31,525.19. Ethereum, too, surged 3.46% to $1,969.39.

"The surge in Bitcoin prices clearly shows that investors are soaking up the supply and taking advantage of the dip in prices. We once again see Bitcoin dominating the crypto market and emerging as the most resilient crypto asset in the world," Coinstore co-founder Jennifer Lu told International Business Times.

According to WazirX's daily analysis, Ethereum against Bitcoin gained marginally to recover back some lost momentum as Bitcoin’s Dominance index continued to remain above 46%. "The next support for ETH-BTC is expected at 0.055 level," the exchange said.

Interestingly, Cardano zoomed over 25% to $0.6542. Most of the top 10 tokens traded higher. Meme cryptos Shiba Inu and Dogecoin, on the other hand, dipped.

"The crypto market had a promising start to the week with most of the crypto assets trading in green. As china begins opening up after a strict lockdown, it has created a positive sentiment in the Asian markets," Lu said.

In other news, the South Korean government has indicated plans to kickstart the metaverse industry in the nation by creating jobs and supporting companies. As part of its Digital New Deal, a program for investing in new technologies, the Ministry of Science and Information and Communication Technologies has set its eyes on metaverse expansion.

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