Cryptocurrency prices in the broader market on Friday surpassed Bitcoin, largely offsetting sharp losses from the previous week.
The second-largest cryptocurrency in the world, Ethereum, rose by 5.6% to $3,902.01 and was just steps away from record highs of over $4,000 set in 2021.
The cryptocurrency received support mainly due to the increase in the number of companies buying Ethereum to create corporate treasuries, similar to what was seen with Bitcoin and MicroStrategy. This strategy has proven extremely successful for Michael Saylor's company, which has seen stellar growth in its stock price over the past year.
XRP also performed well, rising 10.5% to $3.3149, which is nearly a three-week high.
XRP received support primarily due to the issuer Ripple and the SEC agreeing to end their lengthy legal battle. It was expected that the legal fight would conclude after Trump appointed more pro-cryptocurrency officials to the SEC and also transferred oversight of cryptocurrency regulation to the Commodity Futures Trading Commission.
Solana increased by 3%, while Cardano rose by 7.1%.
Among meme coins, Dogecoin rose by 7.1%, while $TRUMP gained 3.1%.
This article is made with the support of investing.com
