Crypto trader turns $24k into $275,000 for 11x return

The sudden cryptocurrency market upsurge following months of decline or stagnation generated several major success stories, and this trader, after approximately a month-long wait, saw the value of his long positions rise elevenfold.

Specifically, a user with the shortened designation 0x3376…8A05 on the Aster decentralized exchange (DEX) saw a series of positions worth initially $24,000 explode to a staggering $275,000 in less than a month, per the data shared by Lookonchain on August 26.

The trader has, by early Wednesday morning, withdrawn approximately $91,000, leaving them with a balance of roughly $184,000.

Notably, the bet was high-risk since, despite involving Bitcoin ($BTC), Ethereum ($ETH), and Chainlink (LINK) – all prominent cryptocurrencies – it was made with 100x leverage.

Top cryptocurrencies soar more than 20% in a week

Meanwhile, the sudden success of the cryptocurrency investor came thanks to a sudden reversal in the trajectory of digital asset prices.

Between January 1 and August 16, Bitcoin declined 26.48% from $87,412 to $64,269, only to reverse and soar 21.96% to $78,401 within the last 7 days.

Ethereum’s performance was just as impressive, with a 28.32% rocketing from $1,916.47 to $2,460.08 within the same timeframe, though the cryptocurrency began a slow recovery already in June.