The cryptocurrency market recovery continued on Thursday, with nearly every top 100-cryptocurrency rising in value against the US dollar. The Bitcoin price headlined the advance, testing the $10,000 for the first time since Feb. 1. Ripple, meanwhile, surged on the surprising news that money transfer behemoth Western Union is trialing XRP integration in a pilot program.
The rally briefly raised the cryptocurrency market cap above $475 billion, which constituted a two-week high, although it has since ebbed back to a present value of $471.6 billion.
Bitcoin Price Tests $10,000
Bitcoin continued to defy its critics on Thursday, posting a six percent advance and raising its price within striking distance of $10,000 for the first time since the beginning of February. However, the flagship cryptocurrency has thus far been able to break through that barrier and it is now trading at $9,860 after rising as high as $9,946 earlier in the day. Bitcoin now has a market cap of $166.8 billion, which has enabled its market share to tick up to 35.3 percent.
Ethereum Price Eyes $950
The Ethereum price joined Bitcoin in its rally, although its advance could not quite keep pace with that of its older sister. At present, Ethereum is trading at $935 on Bitfinex, representing a 24-hour increase of about four percent. This provides Ethereum with a market cap of $91.8 billion, which translates into a 19.5 percent market share.
Altcoins Achieve Uneven Gains
For the most part, altcoins achieved positive movement against the dollar. However, these gains were uneven, and quite a few assets lagged the index.
The Ripple price posted a top 10-best seven percent rally, which largely stemmed from the fact that money transfer giant Western Union has confirmed rumors that it is pilot-testing XRP integration in a new blockchain trial.
Bitcoin Cash and Stellar, meanwhile, lagged the index with gains of about one-half-of-one percent.
Litecoin, ranked fifth, extended its surge by another six percent, bringing its price to $220 and market cap to $12.1 billion. Cardano, its closest competitor, rose by four percent but still lost ground in its quest to reclaim the fifth spot in the rankings.
Eighth-ranked NEO rose by three percent to $122, although it was not enough to raise its market cap above the $8 billion mark. The EOS price rose three percent to crack the $10 threshold, and IOTA rounded out the top 10 with a four percent increase to $2.05.
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Last modified: March 4, 2021 5:04 PM