Bitcoin price led the cryptocurrency markets into the green for the second straight day on Tuesday, rising 5% to cross $4,300. The ethereum price, meanwhile, posted a 6% advance, and nearly every altcoin joined in the procession. Altogether, 94 of the top 100 coins made positive movement during the preceding 24 hours and only three cryptocurrencies declined more than 1%.
Altogether, the cryptocurrency market cap rose more than $7 billion, from $144.5 billion on Monday to $151.8 billion on Tuesday. This translates into a solid daily gain of 5% and brings the total value of all cryptocurrencies back across the psychologically-significant $150 billion threshold.
The markets entered the week with hesitation as further reports emerged that suggested the People’s Bank of China (PBoC) was preparing to ban bitcoin exchanges. Nevertheless, Chinese bitcoin exchanges continue to function normally, restoring short-term trader confidence and initiating a moderate rally.
The bitcoin price led the recovery with a 5% climb. After starting the day around $4,125, the bitcoin price vaulted as high as $4,345 before tapering off. At present, the bitcoin price is $4,330, which translates into a $71.7 billion market cap.
This rally would not have been possible without support from Chinese traders. Over the past few days, the price of BTC/CNY had traded well below $4,000, preventing the global bitcoin price from breaking out of its recent slump. Today, BTC/CNY is valued at about $4,150 and accounts for three of bitcoin’s five largest trading pairs.
For the second straight day, ethereum managed to outpace bitcoin’s rally. The ethereum price jumped by 6%, enabling it to leap across the $300 checkpoint after starting the day at $290. At present, the ethereum price is $307, resulting in a market cap of $29 billion.
Nearly every top 100 cryptocurrency participated in Tuesday’s recovery. In fact, only one cryptocurrency declined more than 2%.
Bitcoin cash and Ripple each returned minor gains, rising 2% and 1%, respectively. The litecoin price earned a 7% bump and is now trading at $69. Dash and NEM posted nearly identical advances of 3%, while Monero advanced 2% to $115.
However, only one top 10 cryptocurrency posted a double-digit advance. That honor belongs to IOTA, which rallied 24% to $0.622.
IOTA’s market cap is now just $2.5 million below that of Monero. The ethereum classic price rose 6% to $15, rounding out the top 10.
Outside of the top 10, there are several cryptocurrency movements worthy of note. Eleventh-ranked OmiseGO–one of the most recent entrants to the $1 billion market cap club–rose 14% and is now trading at about $13. Similarly, 13th-place Qtum rose 15% ahead of its mainnet release and is now priced at $15.
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Last modified: March 4, 2021 4:59 PM