Solana (SOL) and Dogecoin (DOGE) have both seen positive gains in the past 24 hours as the crypto market hopes to embrace recovery. Both tokens rose as much as 16%. After falling under $1 trillion earlier this week, crypto market capitalization has seen an approximate 4.5% increase. As of this writing, Bitcoin (BTC) has also hit a rebound to increase to nearly $22,000 after dipping to just over $20,000.
While a lot of people hope to see a sustained rally, other analysts are still skeptical thanks to the announced issues at Celsius among other things. 18% of Coinbase employees faced layoffs (about 1,100 people) as CEO Brian Armstrong blamed an impending recession in the U.S. as well as an approaching crypto winter.
Armstrong stated: “In past crypto winters, trading revenue (our largest revenue source) has declined significantly. While it’s hard to predict the economy or the markets, we always plan for the worst so we can operate the business through any environment.”
However, as more layoffs and internal issues occur, people are still hopeful. Tron’s TRX jumped as much as 27%, Ethereum (ETH) rose around 11%, and Cardano (ADA) saw around a 7% increase.