The cryptocurrency markets extended their recovery on Friday, adding $14 billion to inch their way back above the $400 billion threshold. This time, however, it was the Ripple price’s turn to lead the rally, and the third-largest cryptocurrency posted a large-cap-best 21 percent increase.
At present, the cryptocurrency market cap is valued at $413 billion, representing a 24-hour increase of about four percent.
Bitcoin Price Trades Sideways as Other Top Coins Advance
The Bitcoin price ended the day on a sideways trajectory after recovering from sub-$8,000 dip that lasted for several hours. Bitcoin is now trading at $8,351 on Bitfinex, which translates into a $142 billion market cap.
This temporary dip may have been partially-tied to concern that Binance — the world’s highest-volume cryptocurrency exchange — had been hacked, as inaccurate rumors began to fly after the exchange went down on Wednesday evening and continued to remain offline on Thursday.
On Friday morning, though, Binance completed its system maintenance, which involved re-syncing its entire replica database, and trading resumed at approximately 10 am UTC.
Ethereum Price Achieves Minor Increase
The Ethereum price fared slightly better than Bitcoin on Friday, as the second-largest cryptocurrency rose three percent to $840. Ethereum’s market cap is now valued at $82.3 billion.
Ripple Price Headlines Large-Cap Index
The day’s best performance, however, came from third-ranked Ripple, whose price exploded by 21 percent to outpace other top-tier cryptocurrencies by a considerable margin. At present, the Ripple price is trading at $0.91 against USD trading pairs, although it has ticked up closer to the $1 mark on South Korean exchanges, which process significantly more XRP volume.
The primary factor behind Ripple’s rise appears to be an uptick in trading in those South Korean markets, as it appears that more domestic traders are performing the necessary KYC compliance to resume trading following the implementation of a ban on anonymous trading in the country.
Altcoins Post Minor Advances
The remainder of the altcoin markets were generally-characterized by positive movement, although some cryptocurrencies did decline against the dollar.
Bitcoin Cash extended its rally by another seven percent, raising its price to $1,312 and market cap to $22.3 billion. Cardano, NEO, and Stellar, meanwhile, each saw their prices rise by about one percent.
EOS and Litecoin performed slightly better, rising three percent and two percent, respectively, bringing their prices to current values of $8.60 and $149.
Notably, IOTA managed to rise back into the top 10 following an extended absence. It achieved this mark despite declining one percent for the day because NEM — the former occupant of the 10th spot on the market cap charts — endured a four percent pullback that dropped its market cap below $5 billion.
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Last modified: March 4, 2021 5:04 PM