Cryptocurrency Market Gains $25.7B In 24 Hours As It Recovers From Massive Sell-Off – Benzinga

The cryptocurrency market added nearly $21 billion in the 24 hours up to Friday 1:30 a.m., in a show of recovery following a market-wide sell-off over the past week.

The cryptocurrency market recovered even as stocks continue to battle the novel coronavirus (COVID-19) outbreak.

The world's apex work currency Bitcoin (BTC) traded 17.39% higher at $6,228, according to CoinMarketCap data. The cryptocurrency had dropped as low as $4,106.98 on March 13 and is still trading significantly lower than the price it opened this year, at$7,194.

Other cryptocurrencies followed suit with Ethereum trading 18.36% higher at $139.12. XRP (XRP), the asset backing the Ripple payment network, added 11.60% at 16 cents.

BTC hard fork Bitcoin SV made the largest gain among the top 20 cryptocurrencies. It added 38.12% at $167.32.

As the wider cryptocurrency market made a recovery, stablecoins held back.

Stablecoins are aimed at trading at a fixed price, with their value tied to a fiat currency or other stable assets.

The currencies typically surge when investors scramble to move their cryptocurrency assets to a safer position without needing to convert them to fiat currenciesand drop when the investments are changed back to other assets.

2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Cryptocurrency Market Gains $25.7B In 24 Hours As It Recovers From Massive Sell-Off - Benzinga