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.
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.
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.
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