The cryptocurrency markets pivoted back into the green on Tuesday following an early week dip that had forced the bitcoin price below $10,000 and led skeptics to declare that “the end of bitcoin” had arrived.
Analysts had generally attributed the correction to regulatory pressures in major markets, but positive news — such as a report that six Korean banks will begin issuing verified accounts to prospective cryptocurrency traders in tandem with the country’s ban on anonymous trading — may have contributed to this afternoon’s moderate recovery.
At present, the cryptocurrency market cap is $531 billion, which represents a $45 billion recovery from its daily low.
The rally thrust the bitcoin price back across an important psychological barrier. Earlier on Tuesday, bitcoin’s $10,000 support level had collapsed, plunging the flagship cryptocurrency back into four-figure territory. However, after consolidating at $9,900, the bitcoin price surged back to $11,000 and is currently trading at $11,112 on Bitfinex. This represents a 21 percent increase from its intraday low and works out to a $188.4 billion market cap.
This week’s market movements also dealt ethereum a severe blow — a blow from which it has not yet fully recovered.
On Tuesday, the ethereum price dipped below $1,000, declining as far as $905 on Bitfinex before reversing course. At present, ethereum is valued at $996 — a 10 percent increase from its intraday low and a daily gain of four percent — which gives the second-largest cryptocurrency a $97.6 billion market cap.
The ripple price, meanwhile, has outperformed the market index and posted the most impressive gains of any top 10-cryptocurrency. Perhaps because its trading volume is highly-concentrated in South Korea, the ripple price soared to $1.36, which represents a 24-hour gain of 14 percent and translates into a $53.5 billion market cap.
The bullish wave extended into most altcoin markets, enabling the total altcoin market cap to swell by $20 billion from its previous day level.
Bitcoin cash managed to crack the $28 billion barrier thanks to a six percent increase that raised its price to $1,656. The cardano price rose by five percent to $0.57, bringing its market cap to $14.9 billion.
Sixth-ranked EOS was the largest cryptocurrency to fall into decline, losing about one-half-of-one-percent of its value to reduce its price to just above $13. This should not be too concerning, though, as EOS was one of the top performers earlier in the week.
The litecoin price did not rise to as great a degree as many other top-tier coins, but it managed to advance by three percent in a volatile market.
Next to ripple, stellar was the top performer among top 10-cryptocurrencies. The stellar price leaped by eight percent, raising its price to just under $0.50. This price bump may turn into a speculative rally, as payment processor Stripe stated today that it may add support for stellar’s lumen token in the future after it ends support for bitcoin in April.
NEM, the ninth-largest cryptocurrency, rose by five percent for the day, while NEO rounded out the top 10 with a six percent increase to $124.
Last modified: March 4, 2021 5:03 PM