The cryptocurrency market cap crept back into the green on Friday following intense volatility and a two-day retrace. The bitcoin price led the advance with a four percent increase to $10,285, but every cryptocurrency in the top 10 made at least minor movement into positive territory.
Following the day’s movements, the total cryptocurrency market rose to $310 billion, a more than $26 billion increase from its 24-hour low. Single-day trading volume remains higher than usual, but it has settled down to $15 billion after spiking as high as $25 billion earlier in the week.
Bitcoin Price Recovers to $10,000
The markets are far from calm, but they show signs that they might be beginning to stabilize. The bitcoin price, for instance, posted a four percent gain that diverged from the wild day-over-day swings it had experienced over the past week. However, volatility is still present, as evidenced by bitcoin’s $1,100 intraday spread.
At the time of writing, the bitcoin price was $10,285, giving the flagship cryptocurrency a market cap of $171.9 billion.
Ethereum Price Resists Sub-$400 Gravity
The ethereum price made a minor advance as well, rising three percent to $445 and a $42.3 billion market cap. This movement was significant, particularly since ethereum risked dipping below an important level earlier in the day. Shortly after 14:00 UTC, the ethereum price fell as low as $401. Luckily, though, it found support at that level and was able to climb back into positive territory.
A Sea of Green
Altcoins exhibited incredible conformity on Friday, as virtually every cryptocurrency in the top 100 made at least minor positive movement. Only one top 100 coin — the 82nd-ranked Lykke — lost value against the dollar, and even Lykke’s decline was limited to less than one-third-of-one percent.
The bitcoin cash price rose nearly six percent, providing the third-largest cryptocurrency with a modicum of relief following a week-long downtrend. The bitcoin cash price is currently trading at $1,436, which translates into a $24.2 billion market cap.
The ripple price added two-and-a-half percent, while the dash price held stable at $771. Bitcoin gold saw a six percent increase, despite the revelation that its official wallet repository had recently been successfully infiltrated by a hacker. The litecoin price rose nearly five percent but continues to trade below $90. IOTA added seven percent to its swelling market cap, while Cardano continued its incredible rally with a top 10-best increase of 19 percent. The monero price rounded out the top 10 with a three percent increase to $181.
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Last modified: March 4, 2021 5:02 PM