The cryptocurrency market has shown signs of recovery over the past 24 hours, with several leading digital assets posting moderate gains. Bitcoin (BTC), for example, rose 1% to once again surpass the $97,000 mark.
Many well-known altcoins have outperformed the leading cryptocurrency. Ripple’s XRP is the most notable example, with its valuation rising by double digits.
Bitcoin is slowly recovering
It's been a pretty volatile week for Bitcoin (BTC), with the price swinging from less than $95,000 to nearly $100,000. It traded near the upper limit on February 7 but suffered a sharp decline in the following days.
The price dropped to its local low of under $95,000 on February 12, shortly after the US Bureau of Labor Statistics released the Consumer Price Index data for January. The inflation rate was higher than expected, which sent the entire crypto market tumbling.
The following day, however, BTC buyers regained control and pushed the price up to $98,000. However, the rally was short-lived, and the price fell back below $95,500. In the last few hours, there has been a further recovery, and BTC is now trading just above $97,000.
The asset's market cap is well above $1.9 trillion, while its dominance over altcoins has dropped slightly to around 59.6%, according to data from CoinMarketCap.
XRP is exploding
As mentioned earlier, most altcoins outperformed BTC in terms of daily gains. The largest rival – Ethereum (ETH) – rose by 1.5%, while Solana (SOL), Dogecoin (DOGE), and Cardano (ADA) saw increases of 3% to 5%.
The best performer among the top 20 today is undoubtedly Ripple’s XRP. Its price surged 12% to a 10-day high of $2.75. This came shortly after the US SEC acknowledged Grayscale’s application to convert its XRP Trust into an exchange-traded fund (ETF).
The total market capitalization of cryptocurrencies rose to $3.23 trillion, representing a 1.5% increase on the day.