The cryptocurrency market continued to fluctuate on Monday, with some altcoins taking massive returns following the market crash last week.
In particular, the value of two altcoins has doubled in the past 12 hours: Polygon (MATIC) and Maker (MKR).
Traded at $ 0.75 on Sunday, Polygon started the week at $ 1.51, gaining 101 percent in less than a day.
Polygon had lost a massive 72 percent since last Tuesday, from $ 2.68 to $ 0.74.
A similar performance was demonstrated by Maker, the governance token of the MakerDAO protocol. The coin, which was traded at $ 1,835 on Sunday, woke up by 101 percent on Monday morning at $ 3,694.
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.