The cryptocurrency market has had a stellar performance over the past 24 hours as major coins and tokens recover from recent losses.
The cryptocurrency market recorded massive losses last week, with major coins and tokens losing billions of dollars. A week ago, total market capitalization fell below the $1 trillion mark for the first time this year.
Despite the recent poor performance, the cryptocurrency market had a good weekend. The cryptocurrency market has gained more than 8% in the past 24 hours, and the total market capitalization is now around $900 billion.
Bitcoin, the world’s leading cryptocurrency, has once again breached $20,000 after falling to support at $17,000 a few days ago. Meanwhile, ether is holding above $1,100 after gaining more than 9% in the past 24 hours.
BNT, the native token of the Bancor ecosystem, is currently underperforming the broader market. BNT is up 2% over the past 24 hours, below the current total market average.
The underperformance can be attributed to the Bancor team’s announcement earlier Monday that it had temporarily suspended impermanent loss (IL) protection due to current market conditions. Therefore, the team added that withdrawals made during this period of instability would not be eligible for IL protection.
Key Levels to Watch
Although BNT is currently trading in the green zone, the 4-hours chart of BNT/USD remains bearish.
The MACD line is below the neutral zone, indicating a bearish trend. The 14-day RSI of 41 indicates that BNT is no longer in oversold territory.
At press time, BNT is trading at $0.530. If the positive performance continues, BNT could surge towards the $0.61 resistance level in the coming hours. However, it needs support from the broader market to rally above the $0.82 resistance.