Bitcoin surpasses $ 41,000 as the cryptocurrency market shows signs of recovery

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Bitcoin surpasses $ 41,000 as the cryptocurrency market shows signs of recovery

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In short

  • Bitcoin has risen about 5% in the past 24 hours, crossing the $ 41,000 mark twice during that time frame.
  • Ethereum has added nearly 6%, meanwhile, as the market in general begins to recover.

Last week it was practically flat for the broader cryptocurrency market, but the best coins are starting to rise again today, with Bitcoin And Ethereum registering significant gains.

Bitcoin has crossed the $ 41,000 mark twice in the past 24 hours, according to data from CoinGeckoand currently stands at a price of $ 40,791, a nearly 5% increase in the past 24 hours. It is the first time in nearly a week that Bitcoin has exceeded $ 41,000.

Admittedly, the leading cryptocurrency is still in steep decline over the past three months. It was above $ 50,000 in late December, but the broader cryptocurrency market has suffered in the meantime, with Bitcoin itself dropping to around $ 33,500 in January.

On Tuesday, before the latest price action, Edward Moya, senior market analyst at OANDA, wrote that Bitcoin “remains trapped in a tight range despite improving sentiment for risk,” reflecting the lack of significant movement in recent days. . Since then, however, Bitcoin has been showing some upward movement. Moya has set Bitcoin’s current cap at $ 45,000.

Well-known Bitcoin analyst Willy Woo tweeted today that the coin was demonstrating “little green shoots that form after a winter”.

Ethereum is up nearly 6% on the last day, to the current price of $ 2,706. The second largest cryptocurrency by market capitalization and leader smart contract the platform is now at its highest price in about a week, but hasn’t hit the $ 3,000 mark since March 2.

Rival smart contract platform Solana is showing a 5% gain in the past 24 hours, at the time of this writing, at a current price above $ 84, while A pois is up nearly 6% to $ 18. According to CoinGecko, the overall market has increased about 4% in the past 24 hours.

However, not all cryptocurrencies in the top 10 by market cap have seen such considerable gains: XRP rose by less than 2% to a current price of $ 0.77, for example, while Binance coin And Cardano they have each increased by approximately 3% at the time of this writing.

Looking at the top 100 largest coins, The sandboxToday’s SAND token is one of the biggest winners, up around 11% overnight. The Ethereum-based metaverse game partnerships just announced with celebrity Paris Hilton and Europe’s second largest bank, HSBC.

Fantom’s FTM token it also gained around 11% in the past 24 hours after a turbulent couple of weeks for the DeFi-focused ecosystem. Developer Andre Cronje said on March 6 that he was leaving the DeFi space (again)which sent tokens from its projects, mainly Yearn Finance’s FYM and YFI, to collapse.

FTM is still down nearly 10% over the past seven days, but has jumped in the last day, perhaps in part due to listed on the eToro trading platform for the first time.

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