Bitcoin Rises Above $41K as Cryptocurrency Market Shows Signs of Recovery

Briefly

• Bitcoin is up about 5% in the last 24 hours, breaking the $41,000 mark twice in that period.
• Meanwhile, Ethereum has gained almost 6% as the market as a whole begins to recover.

The past week has been largely flat for the broader crypto market, but major coins are starting to recover today with Bitcoin and Ethereum seeing notable gains.

Bitcoin broke the $41,000 mark twice in the last 24 hours and is currently worth $40,791, up nearly 5% from the last 24 hours, according to data from CoinGecko. Bitcoin climbed above $41,000 for the first time in almost a week.

Of course, the leading cryptocurrency has still dropped significantly over the past three months. It was above $50,000 at the end of December, but the broader crypto market has since suffered, with Bitcoin itself falling to around $33,500 in January.

On Tuesday, ahead of the latest price move, OANDA Senior Market Analyst Edward Moya wrote that Bitcoin “remains in a tight range trap despite improved risk sentiment,” reflecting a lack of significant moves in recent days. Since then, however, bitcoin has shown some upward movement. Moya has estimated the current bitcoin ceiling at $45,000.

Prominent Bitcoin network analyst Willy Wu tweeted today that the coin is showing “little green shoots forming after winter.”

Meanwhile, Ethereum is up nearly 6% over the last day at its current price of $2,706. The second-largest cryptocurrency by market capitalization and the leading smart contract platform has now peaked in about a week, but has not hit the $3,000 mark since March 2.

Rival smart contract platform Solana is seeing a 5% gain in the last 24 hours, at the time of this writing, with a current price above $84, while Polkadot is up nearly 6% to $18. According to CoinGecko, the overall market is up about 4% in the last 24 hours.

However, not every crypto coin in the top 10 by market cap has seen such significant growth today: for example, XRP is up less than 2% at its current price of $0.77, while Binance Coin and Cardano are up about 3% as of today. 2018 year. this letter.

Looking at the top 100 broader coins, SAND The Sandbox token is one of the biggest winners today, up about 11% overnight. The Ethereum based metaverse game just announced a partnership with celebrity Paris Hilton and Europe’s second largest bank, HSBC.

The Fantom FTM token is also up about 11% in the last 24 hours after a tumultuous couple of weeks for the DeFi-focused ecosystem. Developer Andre Cronje said on March 6 that he is leaving the DeFi space (again), which has led to a sharp drop in the tokens of his projects – mainly FYM and YFI Yearn Finance.

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