What goes up must come down… and then go up again.
The volatility of the cryptocurrency space was on full display again on Monday, as several altcoins experienced gigantic price rebounds following the market crash of the past week or so.
Two altcoins in particular doubled in value in just over 12 hours leading into Monday morning, as Polygon (MATIC) and Maker (MAKER) recorded over 100% growth amid a strong market bounce.
Polygon climbed from a valuation of $0.75 late on Sunday afternoon, to a peak of $1.51 by early on Monday morning — marking 101% gains in less than a day.
The rapid rebound comes shortly after Polygon suffered 72% losses in less than a week, as it fell from a valuation of $2.68 to $0.74 since May 18.
A similar pattern was observed in the governance token of the MakerDAO protocol, Maker, on Monday. The coin price rose from $1,835 on Sunday, to $3,694 by Monday morning, equating to a 101% increase.
Like Polygon, Maker’s miraculous pump follows a 71% decline since the coin hit an all-time high in early May, and a 63% decline in the past week alone.
The intensity of the rebounds experienced by coins on the day appeared to be tied to the severity of their recent market crashes. As such, the altcoin market proved to be the ripest venue for day traders on Monday, many of whom could feasibly have doubled their money between supper and breakfast.
Bitcoin (BTC) and Ether (ETH) were subject to less dramatic rebounds, with the foremost cryptocurrencies gaining 17% and 32% respectively. Both coins experienced less volatility throughout the duration of the recent market pump, and their subsequent losses proved to be less severe, with BTC and ETH losing 51% and 60% respectively since their recent all-time highs.
Many traders rejoice in such volatility, yet the harsh fact remains that day trading is a full-time job, and according to some estimates as little as 1% of day traders actually turn a profit.