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 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.
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.
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: May 20, 2020 9:05 PM UTC