The cryptocurrency market remained flat last week, but the top coins are starting to recover yesterday, with Bitcoin and Ethereum reporting notable gains.
According to CoinGecko data, Bitcoin has crossed the $41,000 mark twice in the last 24 hours , although it is at $40,791 up about 5%.
Certainly, the most popular cryptocurrency has lost a lot of value in the last three months. It reached above $50,000 in late December, but the larger cryptocurrency market has suffered since then, with Bitcoin falling to around $33,500 in January.
Prior to the most recent price movement, OANDA Senior Market Analyst Edward Moya stated on Tuesday that Bitcoin “remains trapped in a tight range despite improving sentiment for risk,” indicating the absence of meaningful movement in recent days. However, Bitcoinhas been steadily rising since then. Bitcoin’s current price cap is $45,000, according to Moya.
Willy Woo, a well-known on-chain Bitcoin observer, tweeted yesterday that the coin was seeing “small green shoots emerging after a winter” in a tweet.
In the meantime, Ethereum is currently trading at $2,706, up over 6% in the last 24 hours. The second-largest cryptocurrency by market capitalization and the top smart contract platform is presently at its highest price in over a week, although it hasn’t broken through the $3,000 barrier since March 2.
As of this writing, Solana, a rival smart contract platform, has gained 5% in the last 24 hours to a price of above $84, while Polkadot has gained nearly 6% to $18. The whole market has increased by 4% in the last 24 hours, according to CoinGecko.
However, not every crypto coin in the top ten by market cap has witnessed such significant gains today: For example, XRP is currently trading at $0.77, up less than 2%, whereas Binance Coin and Cardano are both up around 3% as of this writing.
In terms of the top 100 coins, The Sandbox’s SAND token is one of the greatest gainers today, up 11% in the last 24 hours.
After a tumultuous few weeks for the DeFi-centric ecosystem, Fantom’s FTM token has gained roughly 11% in the last 24 hours. On March 6, developer Andre Cronje announced that he was leaving the DeFi market (again), sending tokens from his projects most notably FYM and Yearn Finance’s YFI soaring.
FTM is still down roughly 10% over the last seven days, but it has risen in the last day, presumably as a result of being listed for the first time on the eToro trading platform.